The slowing down of the Indian Economy gave an opportunity to former Prime Minister Dr.Manmohan Singh to hit out at the present Prime Minister Narendra Modi and his government.
Dr. Singh said the economy today “deeply worrying” and called the “all-round mismanagement” of Mr. Modi’s government resulted in the slowdown.
The leaders statements comes two days after the government data showed India’s economic growth slowest in over six years. The country’s gross domestic product (GDP) stood at 5 per cent in the first quarter of current financial year (2019-20), compared with 5.8 per cent in the previous quarter, and 8.0 per cent in the quarter ended June 30, 2018.
In his statement Dr. Singh said: “India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis.”
“The last quarter’s GDP growth rate of 5 per cent signals that we are in the midst of a prolonged slowdown.”
Manmohan Singh is widely recognised for the economic reforms which he announced in 1991 when he was the Finance Minister in the Narasimha Rao government.
Sliding for the fifth quarter in a row, economic expansion came in at the slowest pace since the March 2013 quarter, when it had stood at 4.3 per cent. A slowdown in the sale of cars to biscuits and lakhs of estimated job cuts across sectors plagued the economic growth.
In its bid to push investments and revive growth, the government has announced a range of measures in the past few days, including easing of FDI or foreign direct investment norms in four sectors, and a reversal of higher taxes on foreign investors as announced in Budget.
On Friday, Finance Minister Nirmala Sitharaman announced reforms in the banking sector, merging several public sector banks.