Former Prime Minister Manmohan Singh on Sunday said the state of the economy was ‘deeply worrying’ as India was in the midst of the ‘prolonged slowdown’.
Singh slammed the Modi government for ‘all-round mismanagement’ of the economy and urged it to reach out to all ‘sane voices and thinking minds’ to steer the economy out of this ‘man-made crisis”.
Singh said that 0.6% manufacturing sector was ‘particularly distressing’ which was a clear signal that the economy had not yet recovered from the ‘man-made blunders’ of demonetisation and hastily implemented GST.
The state of the economy today is deeply worrying. The last quarter’s GDP growth rate of 5% signals that we are in the midst of a prolonged slowdown. India has the potential to grow at a much faster rate but all-round mismanagement by the Modi government has resulted in this slow down.
‘Tax buoyancy remains elusive as businessmen, small and big, are hounded and tax terrorism continues unabated. Investor sentiments are in doldrums. These are not the foundations for economic recovery,’ the former prime minister said in a statement.
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