Indian economy not in good shape: Manmohan Singh

RSTV Bureau
FILE: New Delhi: People stand in queues to withdraw cash from an ATM in New Delhi, December 9, 2016. Photo - PTI

FILE: New Delhi: People stand in queues to withdraw cash from an ATM in New Delhi, December 9, 2016.
Photo – PTI

On the eve of budget session, Congress party has criticised the incumbent Modi government on its economic performance. Holding the fort for principal opposition party, former Prime Minister Dr. Manmohan Singh told that the country’s economy is not in a “good state”.

“That the Indian economy is not in a good state is obvious… Even the IMF has downgraded our GDP growth to below 7%,” the former PM and world renowned economist said, referring to the reports of IMF downgrading India’s GDP to 6.6%.

Manmohan Singh has been criticising the government’s economic performance, especially post the demonetisation move.

Speaking in the upper house during the Winter session last year, Dr. Singh had termed the decision to ban high denomination currency note of Rs 500 and Rs 1000 as “monumental management failure”, going further to call it “organised plunder and legalised loot”.

New Delhi:  Prime Minister Narendra Modi with Former Prime Minister Manmohan Singh at Parliament House Lawns, New Delhi.  Photo - PTI

FILE: New Delhi: Prime Minister Narendra Modi with Former Prime Minister Manmohan Singh at Parliament House Lawns, New Delhi.
Photo – PTI

Addressing the press on Monday evening, Manmohan Singh was flanked by former Union Finance minister P Chidambaram, who twice served on the position in his cabinet.

“BJP is hiding behind a GDP number which is being challenged… People aren’t dazzled by it, but are asking where are the jobs?,” Chidambaram asked raising questions on the government claims.

“UPA delivered an average of 8.5% growth in 5 years. Over a 10 year period we delivered GDP growth averaging 7.5%,” he said, adding, “UPA lifted 140 million people out of poverty. I think every government must try to emulate these achievements”.

Releasing his party’s document, targeting the government’s economic performance, Chidambaram claimed that the compilation realistically assesses the state of India’s economy and is supported by data, research and comments by eminent economists.

Earlier at an event in Hyderabad, the former finance minister had termed demonetisation a “ill-conceived” move, claiming the economy will not grow at more than 6 to 6.5 per cent for the next two fiscals due to the damage caused by the move.