1. CWC meet: Manmohan Singh says worried about the economy, blames demonetisation for slow growth

CWC meet: Manmohan Singh says worried about the economy, blames demonetisation for slow growth

Tewari said, ''If you calculate the GDP from the base year of 2004-05 then the GDP growth will be pegged at just 4.1 percent''. The former UPA minister added that the Modi government's growth figures are the lowest in 37 years.

By: | New Delhi | Published: June 6, 2017 7:00 PM
Former PM Manmohan Singh, opposition, demonetisation, Gross Domestic Product, GDP, economy, Congress Working Committee, public spending, Former PM Manmohan Singh joined other opposition leaders in saying that the 6.1 percent GDP growth bump was due to demonetisation. (Source: PTI)

CWC meet: Days after the Gross Domestic Product (GDP) data showed that growth had slowed down to 6.1 percent, former prime minister Manmohan Singh joined other opposition leaders in saying that the slow growth was due to demonetisation. India lost the tag of the world’s fastest growing large economy to China after growth slowed down in the last quarter of the fiscal. The overall GDP figure for the previous year stood at 7.1 percent, as per an Indian Express report.

Manmohan Singh who was speaking at the Congress Working Committee (CWC) meeting also said that the economy was only running on public spending. The former prime minister also said that he was concerned about the situation and that he was especially worried about job creation, as per a PTI report.

The Congress had earlier this month blamed the Modi government for the economic downturn in the last quarter of the previous year. Manish Tewari of the Congress said that the low economic growth was due to economic mismanagement, demonetisation and inspector raj. Tewari said, ”The government can’t run the economy by terrorising businessmen and through inspector raj”.

Tewari accused the government of having changed the base year from 2004-05 to 2011-12 to calculate the GDP to inflate the GDP figure. Tewari said, ”If you calculate the GDP from the base year of 2004-05 then the GDP growth will be pegged at just 4.1 percent”. The former UPA minister added that the Modi government’s growth figures are the lowest in 37 years, according to the Indian Express.

  1. H
    Hari
    Jun 6, 2017 at 8:35 pm
    INDIAN POLITICIANS MUST WORK SINCERELY AND HONESTLY FOR PEOPLE OF COUNTRY. THE LOOTED MONEY SHOULD BE DEPOSITED WITH GOVT FOR FASTER DEVELOPMENT OF COUNTRY. IN THE MEANTIME MODI GOVT MUST ENSURE ZERO TOLERANCE OF CORRUPTION ALL OVER COUNTRY BY ENFORCING NEW ANTI-CORRUPTION LAW PROVISIONING FOR STRINGENT PUNISHMENT OF 20 YEARS AND SEIZURE OF ALL ETS. THIS COUNTRY CANNOT MARCH AHEAD WITHOUT CURB OF CORRUPTION WHICH IS MAIN REASON FOR POVERTY AND BACKWARDNESS ALL OVER COUNTRY.
    Reply

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