Bengaluru: Former Prime Minister Manmohan Singh, one of the world’s most feted economists, today accused the Narendra Modi government of ‘systematically dismantling” Indian economy, the third largest in the world. The “intentions” of the Narendra Modi government has caused the country “massive losses” due to “lack of reasoning and analysis”, he told the media in Karnataka.
The author of the liberalization, which turned around the economy from its lowest ebb, Dr Singh said, “It took years to make Indian economy the third largest economy… now it is being systematically dismantled”.
The “mismanagement” by the NDA government is evident — the growth rate is down, banking sector has suffered, farmers are facing an acute crisis, economy is going below potential, aspirational views are not finding opportunities, he said. Avoidable blunders like demonetization and the Goods and Services Tax have hurt the small, medium and micro enterprise sector, has costed tens of thousands of jobs.
Prices of petrol and diesel are at an historic high, in spite of lower international crude oil prices. “Modi government chose to levy excessive excise taxes. Rather than passing on the benefits, it has chosen to punish people,” Dr Singh said.
At the same time, PM Modi tends to blame everything on 70 years of Congress rule, said the former Prime Minister, who led the UPA government for a decade.
“He forgets the role of Green Revolution — it made the nation a net exporter of food grains. The PM doesn’t mention the role of liberalising economic policies that have transformed India in the last 25 years. Right to Information, Right to Education, Food Security Act, MNREGA, Forest Rights Act, grant of Special Status to a region in Karnataka… PM forgets that UPA policies lifted 140 million people out of poverty in 10 years,” Dr Singh said.