Manmohan Singh, former Prime Minister on Saturday, stressed need for opting a ‘well-conceived’ strategy for India to be five trillion US dollar ecomy. Expressing his concern over sluggish pace of growth in Indian ecomy, increasing unemployment, poor investment, distressed farmers and crisis in banking sector, he said that democracy is t 'inimical to development' but 'increases' growth.  “Presently our country seems to have slowed down somewhat. rate of GDP is declining. investment rate is stagnant. Farmers are in distress. banking system is facing a crisis, and unemployment is going up. We need a well-conceived national strategy to make India a 5 trillion ecomy," he said.  former Prime Minister of India was dressing students of JK Laxmipat University.

While dressing, he has vouched for fact that institutions like Supreme Court, Central Bureau of Investigation (CBI), Central Vigilance Commission (CVC), Election Commission of India (ECI) and or such bodies are expected to work independently. 

He stated, "Serving federal structures like Supreme Court, Election Commission of India, Controller and Auditor General of India, CBI, Vigilance Commission, Information Commission and various or commissions constituted by government from time to time are expected to function independently within framework of Constitution."

Taking a dig at opposition party, he said that Congress has been accusing Central government of misusing institutions like Election Commission and CBI. He stated that supremacy of Parliament and its procedures and rules of government should be respected.

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On ecomic reforms 

According to former Prime Minister Manmohan Singh,  need of hour is to continue with ecomic reforms that will build on liberalisation policies that have been implemented and factoring in a dynamic business environment. "India since ecomic liberalisation in 1991 has shown how a democratic set-up has led to a general improvement in living standards of our people. Since n, millions of people have risen above poverty line. re have been several policy measures undertaken by successive governments that have led to more inclusive growth in India, particularly under MGNREGA and well-designed programmes of universal health care and education."

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On Investments 

According to Singh, private investment depends upon credibility of government policies that depends on depth of middle class, and rise of middle class depends on private investment. "To avoid virtual and vicious cycle requires a bit of luck, leership, and team of people including industrialists who are prepared for common good. In particular, government should forbid tax terrorism, respect independent voices, and provide checks and balances at every level of government," he said. Singh furr argued that democracy is harmful to ecomic development. He gave an example of authoritarian regimes like China which have me phemenal ecomic progress. He said, "It has been argued that although one-party has its drawback when it is led by an enlightened group of people it can also have great vants. By persuing citizens to focus primarily on ecomic growth, se countries created an atmosphere of fear in which sacrificing personal freedom could be justified." 

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Indian democracy is a beacon of hope and inspiration: Manmohan Singh

Singh stated that all democracies around world are going through a stressful time. According to him, Indian democracy is a beacon of hope and inspiration. "It is a stressful time for democracies all over world. Democratic India is t only world's largest democracy but also one of most vibrant democracies in world. It is perhaps India's greatest achievement. Our shining democracy is a beacon of hope and inspiration to a world that is yearning and striving to become democratic," he said. He stated that strength of India's democracy lies in Constitution of India.

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(With inputs from ANI)