NEW DELHI: Worsening Indian economy are deeply worrying former Prime Minister Manmohan Singh saying “India’s economic condition is “deeply worrying” and that the latest GDP figures released by the government are clearly “unacceptable”.
Singh said just after data released by National Statistical Office (NSO) on Friday showed that India’s GDP growth slipped to a 26-quarter low of 4.5 per cent in the second quarter (July-September) of the current fiscal, reported by Kashmir Media Service. Singh was speaking at the National Economy Conclave in New Delhi.
“GDP figures released today are as low as 4.5 per cent. This is clearly worsening and unacceptable. Aspiration of our country is to grow at 8-9 per cent. The sharp decline of GDP from 5 per cent in Q1 to 4.5 per cent in Q2 is worrisome. Mere changes in economic policies will not help revive the economy,” the veteran Congress leader was quoted as saying.
“Many industrialists tell me they live in fear of harassment by government authorities. Bankers are reluctant to make new loans, for fear of retribution. Entrepreneurs are hesitant to put up fresh projects, for fear of failure attributed to ulterior motives,” Singh said.
“Policymakers in government and other institutions are scared to speak the truth or engage in intellectually honest policy discussions. There is a profound fear and distrust among our various economic participants,” he added.
“I urge the Prime Minister to set aside his deep-rooted suspicion of our society and nurse us back to a harmonious, confident and mutually trustworthy society that can revive the animal spirits and help our economy soar,” Singh said while ending his speech.
With Input from KMS
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