Former Prime Minister Manmohan Singh attacked the Narendra Modi government’s handling of the Indian economy while speaking at a press conference in poll-bound Karnataka’s Bengaluru.
Singh focused on various issues, such as demonetisation, GST and banking frauds under the current government.
While talking about the economic policies adopted by the NDA government, the former PM called GST and demonetisation ‘avoidable blunders’ and said that they have resulted in massive loss of jobs in the country.
“The losses the economy suffered due to these blunders have severely hurt our micro, small, and medium enterprise sector and have resulted in the loss of tens of thousands of jobs,” Singh said.
“When we turn to the impact of the BJP government’s economic policies on the common man, another place to look is the petroleum sector. Petrol and diesel prices are at a historic high. This is in spite of lower international crude oil prices because the Modi government chooses to levy excessive excise taxes. Instead of passing on the benefits of low prices to the people, the Modi government has punished the people,” Singh said.
On the rise in banking frauds in the recent times, Singh shed some light on the difference, saying that the quantum of frauds in the banking sector has almost quadrupled from Rs 28,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017. He also alleged that people are losing faith in the banking sector.
“A healthy economy requires a well-functioning banking sector. Today neither are banks lending nor is the private sector borrowing in order to make new investments. The growth engines of the economy are spluttering. Perhaps it is here that the mismanagement of the Modi government is most evident,” he said.
Singh further added, “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. Recent events which resulted in shortage of cash in many states were preventable. But the government is not doing its job.”
Manmohan Singh also criticised the present government for dismantling the Congress’ efforts over the years to make India the third largest economy in the world.
He further asked PM Modi as to how he seeks to double the income when his government has failed to even match the record of UPA.
“When asked to explain reasons for economic ills of the last four years, Prime Minister Modi ji tends to blame everything on the 70 years of the Congress rule. He forgets the role of the Green Revolution ushered in by the Congress Government, which transformed Indian agriculture phenomenally and made the country a net exporter of food grains,” Singh added.
He further blamed Modi for not using the following pathbreaking social and economic legislations achieved by the UPA government:
The Congress leader also pointed out various reforms in Karnataka under the Siddaramaiah government like the SURE project, Metro connectivity and the Suburban Rail Project, that have brought about a tangible change to the lives of Bengaluru’s citizens.
He then changed his focus to the Start-up Capital of India, Bengaluru.
“PM Modi, after having promised 2 crore jobs a year to the people of this country has presided over a period where jobs have actually been destroyed. In the age group of 15-24, over 72 lakh jobs were lost over the last four years. It is normal in an economy to have sluggish job growth; this usually happens when external factors are unfavourable. However, job destruction in India is due to mismanagement on part of PM Modi ji and his team. True leadership creates opportunities, it does not destroy them,” Manmohan Singh added.
Further pointing out the achievements of the Karnataka government, he said that Karnataka was the first state to announce a dedicated Start-Up policy, a Version 3 of Biotech Policy was announced to cater to the ever changing demands.
“This response to a dynamic environment is helps Bengaluru contribute $50 billion to India’s export basket. Credit for this goes to the many people who innovate daily and also the Congress government that has assisted this transformation.”
Video Editor: Mohd Ibrahim
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