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.