Third Largest Economy “Systematically Dismantled” Says Manmohan Singh

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.

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