Don’t subscribe to Manmohan Singh’s views about economy: Prakash Javadekar

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September 3, 2019 7:00 PM

Amid the economic growth slowing to over six-year low of 5 per cent in the first quarter of the current fiscal, Javadekar further said the government was not looking at the economy in a piecemeal manner and has a comprehensive view.

The government has also announced to merge 10 public sector banks into four with an aim to catalyse credit, necessary for making India a USD 5 trillion economy in coming years.

The government on Tuesday rebuffed former prime minister Manmohan Singh’s criticism over handling of the economy, saying it does not subscribe to his analysis as India has now become the world’s fifth largest economy from 11th during his time. Earlier this week, Singh had said the state of economy was “deeply worrying” and urged the government to put aside “vendetta politics” and reach out to sane voices and thinking minds to steer the economy out of this “man-made crisis”. “We do not subscribe to what Manmohan Singh has analysed…India was 11th (largest) economy of the world. Now it is fifth and we are marching to be third,” I&B Minister Prakash Javadekar said here.

He was responding a question regarding Singh’s comments regarding the economy. Amid the economic growth slowing to over six-year low of 5 per cent in the first quarter of the current fiscal, Javadekar further said the government was not looking at the economy in a piecemeal manner and has a comprehensive view. “What we are doing is, being a responsive government, addressing the issues and we have seen this process in GST also.

“The GST Council met every month and took relevant decisions and it is now fine-tuned. So that is the way how the people-friendly government works and that is how we are working,” he said. Last month, Finance Minister Nirmala Sitharaman announced a slew of measures, including to boost liquidity in the NBFC sector, to push economic growth. The government has also announced to merge 10 public sector banks into four with an aim to catalyse credit, necessary for making India a USD 5 trillion economy in coming years.

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