Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
October 17, Wednesday 2018 11:22 PM       

       HEADLINES: Nation going to witness protests of Ayyappa devotees, Rahul Easwar tells Arnab Goswami                                              ‘Cyber bullies should be purified’, says Saradakkutti                                              Women should not destroy rituals, says Ali Akbar                                              Police dept prepares List of women-officers to be deployed at Sabarimala                                              Navarathri festival begins at Pathmanabhapuram palace                                              Bar demands lifting ban on lawyers' strike, but CJI unimpressed                                              Sharad Pawar won't contest 2019 polls: NCP                                              Khaleda Zia admitted to specialised state-run hospital                                              India beat West Indies by innings and 272 runs                                              Kaumudi Facebook
       BUSINESS Next Article: Telangana skips conference of FMs, once again  
       Economy growing below its potential: Manmohan Singh
         Posted on :17:22:09 May 7, 2018
       Last edited on:17:22:09 May 7, 2018
         Tags: Economic growth, below potential, Manmohan Si

BENGALURU: Taking a dig at the state of economic affairs under the Narendra Modi-led National Democratic Alliance (NDA) government, former Prime Minister Dr. Manmohan Singh on Monday said that the economy is growing below its potential.

"The 'intentions' of the Modi government, while claimed to be good, have resulted in massive losses for our country. The United Progressive Alliance (UPA) delivered an average growth rate of 7.8 per cent despite turbulent global conditions. The NDA, on the other hand, has managed lesser growth rate despite a favourable international climate and low oil prices. In fact, growth rate under the NDA is lower in spite of the change in methodology, which paints a rosier picture than reality," Dr. Manmohan Singh said.

The former Prime Minister also lashed out at the BJP government for hasty implementation of the Goods and Services Tax (GST) and demonetisation, calling them "avoidable blunders."

"Two major avoidable blunders of the Modi government have been demonetisation and hasty implementation of the GST. The losses the economy suffered due to these blunders have severely hurt our Micro Small and Medium Enterprise (MSME) sector and have resulted in the loss of tens of thousands of jobs. Along with this, exports as a share of GDP have plunged to a 14 year low. This at a time when the global economy is reviving and exports of other Asian nations like Vietnam have been able to grow very substantially," he said.

Dr. Manmohan Singh claimed that through the constant increase in taxes at the cost of the common man, the Bharatiya Janata Party (BJP) government is projected to have earned over Rs. 10 lakh crore.

"India must demand answers as to what use this money was put to?" he asked.

He also said that in the present scenario, neither are banks lending nor is the private sector borrowing in order to make new investments.

"A healthy economy requires a well-functioning banking sector. The growth engines of the economy are spluttering. Perhaps it is here that the mismanagement of the Modi government is most evident," he said.

"The proportion of gross Non Performing Assets (NPAs) have trebled since we demitted office. The quantum of frauds in the banking sector has almost quadrupled from Rs. 28,416 crore in September 2013 to Rs. 1.11 lakh crores in September 2017. Perpetrators of these frauds meanwhile escape with impunity," the former PM added.

Further, Dr. Singh said that instead of taking prompt corrective action over economic mismanagement, the government has been busy providing excuses and peddling conspiracy theories as to what led to the problem.

"Meanwhile, as write-offs to corporate houses have exponentially increased, unpayable agricultural loans due to heightened rural distress are not being waived. In three years, over 2.41 lakh crore crores worth of loans have been written off by public sector banks. But where is the capital for the growth engines of small and medium enterprises?" he questioned.

"In only four years, PM Modi has reversed the successes of the UPA government, in process hurting our farmers. The aim of the present government to double farmers' incomes by 2022 comes across as wishful thinking," he added.

He also said that the agri- Gross domestic product (GDP) growth rate under NDA government is half of that achieved under the UPA.

"Under the UPA II, the average annual Minimum Support Price (MSP) growth rate was 19.3 per cent, under the NDA government; this has fallen to 3.6 per cent. Agricultural exports, which had seen a five-fold increase under UPA, have since come down by 21 per cent. At the same time, agricultural imports have risen by over 60 per cent. It is worth seeking answers from PM Modi as to how he seeks to double the incomes when his government has failed to even match the record of UPA," he concluded.

Next Article: Telangana skips conference of FMs, once again
IndiGo announces flights to Male, Phuket  
RBI maintains status quo; warns volatile oil prices pose risk to inflation  
Chanda Kochhar resigns from ICICI Bank  
Mukesh Ambani emerges richest Indian for 11th consecutive year: Forbes  
Prabhu to chair inter-ministerial meet on rupee, trade deficit tomorrow  
Jaitley defends loan write-offs; says they don't lead to waiver, recovery still pursued  
Air India to sell 14 properties; eyes Rs 250 cr  
Betting on premiumisation, Godrej Locks eyes Rs 10 billion revenue by FY22  
Uttarakhand receives investment proposals worth Rs 74K cr  
Trade war will help India emerge as bigger trading, manufacturing base: Jaitley  
RBI eases cash reserve rules to ease liquidity  
Gold climbs Rs 175 on global cues, jewellers' buying  
India's economy continues on robust growth path: ADB  
Sensex, Nifty turn choppy ahead of US Fed policy outcome  
Jaitley asks PSU banks to take effective action against frauds, wilful defaults  
New MD-cum-CEO for Indian Bank  
New MD-cum-CEO for Indian Bank  
India may cut oil imports to mitigate pain from high oil prices, dip in rupee  
Gold rises marginally as traders widen bets  
Fed rate decision, rupee, crude oil to drive markets this week: Experts  
"RBI unlikely to hike repo rate in Oct despite weak INR"  
OYO to hire over 2,000 tech experts, engineers by 2020  
Sensex ends in red after 1,000-pt flash crash  
OYO to hire over 2,000 tech experts, engineers by 2020  
Avis India announces free doorstep delivery, collection of self-drive cars  
Do you think Sabarimala protests have embarrassed the State government?
don't know
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy