Manmohan Singh’s View on the Troubled Indian Economy

We all are aware that the Indian economy is in a total mess in the present time. Some people are blaming the Modi Government for it, while others believe that ups and downs are an absolutely normal phenomenon. Former Prime Minister Shri Manmohan Singh truly believes that Modi Government is responsible for the economic crisis that India is facing at present. He stated that how strong a country’s economy is is an absolute reflection of the function of the society at large. Economic growth takes places effectively in a society where there is mutual trust and confidence among the people. In the present scenario, this mutual trust and confidence has vanished. The economy is at its all-time low. The statistics are a true proof of a disturbed Indian economy. The nominal GDP growth has fallen down to its lowest in the last 15 years. The unemployment is at its 45 year high. On the other hand, the household consumption has fallen down to its four decade low. He stated that all these figures are indicative of the disease that has caught India completely. The former PM believes that the real cause of this emergency situation is Modi government’s “malafide unless proven otherwise” doctrine of governance. The concept behind this policy of the government is that those who participate in the economy have malafide intent until and unless they prove themselves as innocent including industrialists, bankers, policymakers, regulators, entrepreneurs and citizens. The government looks at each one which a suspicious eye and believes that everyone is trying to defraud the government. This perception has caused the economy to break down totally. The industrialists have expressed their concerns and worry and have stated that they are scared of the government largely and are feeling handicapped, thereby hampering their performance.

By: Anuja Arora

Content: https://www.news18.com/news/india/manmohan-singh-reveals-root-cause-of-economic-malaise-and-why-india-is-entering-dangerous-territory-2390391.html