Manmohan Singh attacks Centre on economic slowdown, foresees no course correction

Former Prime Minister Dr. Manmohan Singh hit out at the Narendra Modi-led government at the Centre for its alleged failure on the economic front on Wednesday. He reckoned that the Centre was unlikely to find any credible solution to the economic crisis as it refused to acknowledge the existence of the word “slowdown”.

Dr. Singh made these remarks at the launch of former Planning Commission Deputy Chairman Montek Singh Ahluwalia’s book ‘Backstage’. India's GDP growth rate fell to 4.5% for the July-September 2019 quarter- the slowest in more than six years.

Dr. Singh remarked, “I think these issues will be debated and should be debated because we have today a government that does not acknowledge that there is such a word as slowdown. I think this is not good for our country.” He added, "If you do not recognise the problems that you face, you are not likely to find credible answers to take corrective action. That is the real danger.” 

Read: Govt Trying To Hide Poverty Behind Wall After Concealing Data On Economy, Alleges Cong

Read: 'Traditional Entrepreneurs Working Make U.P $1 Trillion Economy': CM Yogi Hails ODOP

Dr. Singh lauds role of Narasimha Rao

According to the former PM, Ahluwalia’s book covered the good as well as weak points of the United Progressive Alliance government. Stressing that the book could be helpful to the future growth of the economy, he mentioned that Ahluwalia did not find the NDA government’s target of achieving a $5 trillion economy by 2024 feasible. Dr. Singh opined that it was highly unlikely for the income of farmers to be doubled in the next three years. On this occasion, he also appreciated former PM Narasimha Rao, former Finance Minister P Chidambaram, and Ahluwalia in helping him carrying reforms despite facing resistance from various quarters.  

Read: Research Suggests Global Cost Of Air Pollution By Fossil Fuels Is 3.3% Of World's Economy

CII predicts recovery 

In some encouraging news for the Indian economy, the Confederation of Indian Industry (CII) recently predicted that the economy would recover and overcome its slowdown in 2020. CII president Vikram Kirloskar opined that the nascent signs of recovery were already visible. Kirloskar cited factors such as the jump in air passenger traffic to buttress his point. While acknowledging that there would be a subdued GDP in the third quarter as well, he maintained that the economy would bounce back in the period thereafter.

Read: Nirmala Sitharaman Addresses Lok Sabha, Lists 7 Indicators Of Green Shoots In Economy

(With agency inputs)