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  1. Manmohan Singh devalues 6.3% GDP growth, says government can’t match UPA’s 10-year record

Manmohan Singh devalues 6.3% GDP growth, says government can’t match UPA’s 10-year record

Former Prime Minister Manmohan Singh on Saturday downplayed the uptick in GDP growth at 6.3% in fiscal second quarter July-September from a three-year low in the first saying that at this rate it is not possible for NDA government to equal UPA govt's 10-year average growth rate.

By: | Published: December 2, 2017 6:43 PM
manmohan singh, ex prime minister, former prime minister, india prime minister, oxford university, press, oxford press,  Even if the growth picks up to 6.7 per cent in 2017-18, Modiji’s four year average growth rate will be only 7.1 per cent, said Manmohan Singh. (Image: PTI)

Former Prime Minister Manmohan Singh on Saturday downplayed the uptick in GDP growth  at 6.3% in fiscal second quarter July-September from a three-year low in the first saying that at this rate it is not possible for NDA government to equal UPA govt’s 10-year average growth rate.

Addressing media, Manmohan Singh said, “There still remains considerable uncertainty over the growth of the GDP. The RBI forecasts that growth in 2017-19 will pick up to 6.7 per cent. However, even if the growth picks up to 6.7 per cent in 2017-18, Modiji’s four year average growth rate will be only 7.1 per cent. To equal the UPA’s ten year average, the economy will have to grow at 10.6 per cent in the fifth year. I would be happy if this was to happen but frankly I do not think it will.”

Manmohan Singh said that the demonetisation cost the country Rs 1.5 lakh crore in economy while GDP growth rate fell to 5.7 per cent in the first quarter. Singh said the BJP government’s GST version was ‘poorly designed’, ‘badly implemented’ and ‘brought about in such a tearing hurry’.

India’s GDP growth sharply rebound to 6.3% in fiscal second quarter July-September from a three-year low in the first quarter, as businesses sprung into economic activity ahead of a condensed festive season and accelerated production to build inventory after the implementation of GST. India’s GDP growth in the second quarter (Jul-Sep) accelerated to 6.3% from 5.7% in Apr-Jun and 6.1% in Jan-Mar, Central Statistics Office data showed. However, the pace of growth in Jul-Sep was still way below 7.3% recorded in the corresponding quarter a year ago.A sharp bounce in manufacturing growth rate at 7% in July-September from 1.2% in the preceding quarter was among the primary drivers behind the second quarter GDP growth acceleration. On the other hand farm growth slowed in second quarter to 1.7% from 2.3% in the preceding three-month period.

Construction activity also recorded a decent expansion with a growth rate of 2.6% in July-September vs 2% in the previous quarter. Industrial activity also saw a spike with 5.8% growth rate in second quarter vs 1.6% in the first quarter. Electricity output growth at 7.6% vs 7% also supported economic growth.

Quarterly GVA for Q2 of 2017-18 for Trade, Hotels and Transport & Communication and Services related to broadcasting grew by 9.9% on-year. Mining and quarrying growth also picked up significantly, accelerating to 5.5% in second quarter from 0.7% in the previous quarter.

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    Dr Anisetti
    Dec 3, 2017 at 6:13 am
    Former Indian FM and PM was a living corpse. Now he is a politician in the opposition. Naturally opposition talks ill of the ruling party. Dr Singh is doing that.. Let Dr Singh wait and see the governance of the present government and then commeent. It is better for Dr Singh to shut up and wait.
    Reply
    1. S
      SHEKAR
      Dec 2, 2017 at 10:34 pm
      Yes, Man Mohanj, The present Government cannot the match the CORRUPTION GROWTH RATE WONDERFULLY. CHINDAMBARAM'S PROPERTIES HAD GROWN. HIS SON KARTI'S ASSETS HAVE GROWN AND SEVERAL CONGRESS LEADERS HAVE GROWN THEIR OWN PERSONAL GROWTH INSTEAD OF COUNTRY'S GROWTH RATE. EVEN TODAY, FUNDS ALLOCATED FOR INFRASTRUCTURE HAVE BEEN EATEN AWAY BY SOME POLITICIANS, THIS MAY BE LOCAL CORPORATE, LOCAL MLA OR EVEN MP. ONLY GOD KNOWS WHO MINGLE WELL WITH CONTRACTORS AND EAT AWAY PUBLIC MONEY. THOSE WHO EAT PUBLIC MONEY WILL BE CAUGHT BY IT OR IF THEY FAIL GOD WILL PUNISH THEM. INFRA CONTRACTORS, DO NOT CHEAT PUBLIC DON'T EAT AWAY PUBLIC MONEY AND GROW YOUR ASSETS EXTENSIVELY. GOD WILL PUNISH YOU.
      Reply
      1. G
        Gopalan Ramesh
        Dec 2, 2017 at 10:28 pm
        Nobody could match the corruption of your government where Italian mafia had upper hand
        Reply
        1. A
          Apte
          Dec 2, 2017 at 7:37 pm
          1. Former PM Mr. Man Mohan Singh has every right to say that performance of his government was better than that of government led by Mr. Narendra Modi. But he should be patient enough to measure it after ten years. Why is he in such a hurry to undermine performance of NDA government which has completed less than four years in office? Also let us not forget that many scams and controversies have marred economic performance of ten years of UPA rule under his Prime Ministership. 2. My question to Mr. Singh is this: Has he ever tried to do some unbiased and critical examination of ten years of UPA government? I know that it is futile to ask such questions as Mr. Singh is after all belongs to the Congress party which is never known for doing critical self-examination. Hence I suppose Mr. Singh cannot do anything except criticising NDA government led by Mr. Narendra Modi. 3. I am sorry to say that Mr. Man Mohan Singh’s credibility as a former PM is as low as that of a Congress spokesperson.
          Reply
          1. Narasimha Prakash
            Dec 2, 2017 at 6:57 pm
            Sardarji is right. Nobody can match 10 years of misrule with mega scams and loot.
            Reply
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