Mumbai: Former prime minister Manmohan Singh on Thursday said that he does not think there is “any hope” of the Indian economy reaching the target of five trillion dollars by 2024 as the growth rate is “declining year after year”.
“I have said this publicly before that to reach a goal of five trillion dollar by 2024, as against 2.7 trillion dollar that we had in 2018, would require a growth rate of 10-12 per cent per annum. What is happening in BJP regime is that the government is faced with prospect of a declining rate of growth year after year,” Singh said while addressing a press conference here.
“IMF (International Monetary Fund) has come with statement that India’s growth rate during the current fiscal year will be only 6.1 per cent as against 7.3 per cent mentioned some months ago. With growth rate declining year after year, I don’t think there is any hope of economy reaching the target of five trillion dollars by 2024,” he added.
Last month, Singh had stressed the need for adopting a “well-conceived national strategy to make India a five trillion dollar economy”.
While addressing an event at Laxmipat University in Jaipur, Singh had said, “Presently our country seems to have slowed down somewhat. The rate of GDP is declining. The investment rate is stagnant. Farmers are in distress. The banking system is facing a crisis, and unemployment is going up. We need a well-conceived national strategy to make India a five trillion dollar economy”.
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A Babu cannot be a ruler, not at the age of 80. He trained to give suggestions advice and formulate policies that is where application of his intelligence ends.. Beyond that he is trained only to take orders and he cannot function without a political boss giving him orders. His success largely depends on the capability of his boss. The good doctor is a living example, under a one boss he did well under the other he was a disaster.
All he could give us was the corruption everywhere with no semblance of control, because the boss never told him. Whatever else happened was not because of him but in spite of him.
The NPAs happened, the defence procurements were in shambles, the ministers are alleged to have made money to no end, there was no vision or targets set, all because the boss never told him. The less said the better of the boss because that was acreation of sacrifice.
Wonder if the orders are still coming ??
Reduction of corporation tax and throwing away Rs.1.45 lakh crores was one of the worst decisions of this Government. Tax is not the only factor which has a role in increasing consumption or investment. This whole lot of money will either go as dividends, or to reserves. The country’s economy will get nothing out of this splurge.
1. I say that economic slowdown is not something which is happening only in 2019. Views of Aditya Puri, MD of HDFC on this subject are entirely different from views of some of many others. 2. I feel that some of our intellectuals and opposition leaders are pessimists and whose reactions on subject of the current economic crisis appear to be biased on their political views. 3. When would we look at the problems of economy as opportunity to set things in order? I do not think that political opposition to BJP should result in wholesale condemnation of everything that NDA government has done during last five years or so. 4. I have a feeling that there is a section of opposition leaders, economists and intellectuals (who are opposed to RSS and BJP) who are really not concerned about adverse impact of the current economic slowdown. They are in fact enjoying that NDA government is facing a difficult situation. 5. I know that there may not be unanimity of views on causes of today’s economic slowdown but can there be broad agreement on a few issues which need to be addressed to on a priority basis: (a) Giving a boost to industrial sector, particularly those who are in trouble right now, (b) Increasing farm productivity and thereby farmers’ income, and (c) Increasing rural consumption.
What do they do if the current incumbent is unwilling to even acknowledge the fact that there is a problem? Those in power and their fanboys seem to be interested in only diverting attention and blaming everyone but themselves. The numbers are so bad now that one cannot even hide them under the cover of propaganda and headline management
I believe in the rise of India. Not in a lazy, complacent sense, considering it inevitable, courtesy the demographic dividend. But as something attainable with the right set of economic policies. Both five and ten trillion dollars are worthwhile targets to aim for, in an environmentally sustainable manner. If the government gets it act together, a slippage of a few years would be tolerable. However, as of now, we are not poised for that happy outcome.
Well Mr Singh, you sowed the seeds for this distress with your loans for all.
Current government had all the resources to dig the seeds and plant new…. 5.5 years is enough to do…
Was he also responsible for Budget Presented this year ?
Remember most of the things presented in Budget have been taken back… My dear Bhakts come out of the zombie zone and see around….