India facing prolonged slowdown: Manmohan Singh
Special Correspondent
September 02, 2019 01:10 IST
Former PM Manmohan Singh | Photo Credit: V. Sreenivasa Murthy
Former Prime Minister blames it on demonetisation, GST.
Former Prime Minister Manmohan Singh on Sunday said the 5% growth in India’s Gross Domestic Product (GDP) signalled a prolonged slowdown and asked the government to engage with “thinking minds by shunning vendetta politics to take the economy out of a man-made crisis.”
In a video statement, he said the state of the economy was “deeply worrying” and the near zero% growth of the manufacturing sector proved that it had not fully recovered from the “blunders of demonetisation and a hastily implemented GST.”
“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 slowdown,” he said.