BENGALURU: Former high minister Manmohan Singh on Monday launched a scathing assault at the Modi government for its "disastrous policies" and "economic mismanagement", and said the rustic was once dealing with crises that had been avoidable.
Singh attacked the federal government over a chain of banking sector frauds, pronouncing the cash swindled nearly quadrupled from Rs 28,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017.
"Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector," he said.
"Our nation today is experiencing difficult times. Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential," Singh told reporters here.
He said the "unfortunate truth" was once that every of those crises was once "entirely avoidable".
"It pains me to see how rather than standing up to all these challenges, the governments response has been to stifle dissent when deficiencies are pointed out," he said.
Noting that financial coverage has a significant have an effect on at the lives of folks, he said it was once very important that the ones tasked with decision making pay cautious consideration to policies and programmes and not act on mere whims and fancies.
"India is a complex and diverse country and no one person can be the repository of all wisdom," he said in an obvious dig at Modi.
He said every time a solution was once sought for any of the "disastrous policies" of the BJP government, "all we hear is that the intentions are virtuous".
Singh said the intentions of the Modi government which it claimed had been just right, had ended in "massive" losses for the rustic.
"Its lack of reasoning and analysis is costing India and our collective future."
The former high minister said below the UPA governments the growth rate averaged 7 per cent. It was once eight per cent at one point of time in spite of turbulent international prerequisites, he said.
The NDA government, he said, clocked inferior growth rate in spite of a favourable international local weather and occasional oil prices. In reality, growth rate below the NDA is lower in spite of the change within the methodology to resolve it "which paints a rosier picture than reality", Singh said.
According to Singh, two "major avoidable blunders" of the Modi government had been demonetisation and hasty implementation of GST.
He said the losses the economy suffered because of these blunders had critically hurt the micro, small and medium enterprises and resulted within the lack of tens of thousands of jobs.
Besides, exports as a percentage of the GDP plunged to a 14 yr low at a time when the global economy was once reviving and exports of alternative Asian international locations like Vietnam had been rising substantially, he said.
Singh said petrol and diesel prices had been at a "historic high" in spite of a fall in international crude oil prices since the Modi government had selected to levy "excessive" excise responsibility.
"Instead of passing on the benefits of low prices to the people, the Modi government has punished the people," he said.
Singh attacked the federal government over a chain of banking sector frauds, pronouncing the cash swindled nearly quadrupled from Rs 28,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017.
"Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector," he said.
"Our nation today is experiencing difficult times. Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential," Singh told reporters here.
He said the "unfortunate truth" was once that every of those crises was once "entirely avoidable".
"It pains me to see how rather than standing up to all these challenges, the governments response has been to stifle dissent when deficiencies are pointed out," he said.
Noting that financial coverage has a significant have an effect on at the lives of folks, he said it was once very important that the ones tasked with decision making pay cautious consideration to policies and programmes and not act on mere whims and fancies.
"India is a complex and diverse country and no one person can be the repository of all wisdom," he said in an obvious dig at Modi.
He said every time a solution was once sought for any of the "disastrous policies" of the BJP government, "all we hear is that the intentions are virtuous".
Singh said the intentions of the Modi government which it claimed had been just right, had ended in "massive" losses for the rustic.
"Its lack of reasoning and analysis is costing India and our collective future."
The former high minister said below the UPA governments the growth rate averaged 7 per cent. It was once eight per cent at one point of time in spite of turbulent international prerequisites, he said.
The NDA government, he said, clocked inferior growth rate in spite of a favourable international local weather and occasional oil prices. In reality, growth rate below the NDA is lower in spite of the change within the methodology to resolve it "which paints a rosier picture than reality", Singh said.
According to Singh, two "major avoidable blunders" of the Modi government had been demonetisation and hasty implementation of GST.
He said the losses the economy suffered because of these blunders had critically hurt the micro, small and medium enterprises and resulted within the lack of tens of thousands of jobs.
Besides, exports as a percentage of the GDP plunged to a 14 yr low at a time when the global economy was once reviving and exports of alternative Asian international locations like Vietnam had been rising substantially, he said.
Singh said petrol and diesel prices had been at a "historic high" in spite of a fall in international crude oil prices since the Modi government had selected to levy "excessive" excise responsibility.
"Instead of passing on the benefits of low prices to the people, the Modi government has punished the people," he said.
Manmohan Singh attacks PM Narendra Modi for 'economic mismanagement'
![Manmohan Singh attacks PM Narendra Modi for 'economic mismanagement']()
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May 07, 2018
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