Days after the finance ministry reported contraction in the GDP growth, former prime minister Manmohan Singh on Sunday slammed the Narendra Modi government blaming its policies for the economic slowdown in the country, reported Live Mint.
“India has the potential to grow at a much faster rate, but the all-round mismanagement by the Modi government has resulted in this slowdown,” said Singh. He is also an eminent economist.
“More than 3.5 lakh jobs had been lost in the automobile sector alone and he claimed similar large-scale job losses in the informal sector,” said he Congress leader.
“Domestic demand is depressed and consumption growth is at an 18-month low. Nominal GDP growth is at a 15-year low. There is a gaping hole in tax revenues. Tax buoyancy remains elusive as businessmen, small and big, are hounded and tax terrorism continues unabated. Investor sentiments are in the doldrums. These are not the foundations for economic recovery,” he said.
“Farmers are not receiving adequate prices and rural incomes have declined. The low inflation rate that the Modi government likes to showcase comes at the cost of our farmers and their incomes, by inflicting misery on over 50% of India’s population,” he highlighted the problems in rural areas.