Indian economy is going through one of the hardest phases with its GDP growth rate touching the lowest lows at 5 percent and massive unemployment in some major industries. With all this happening Dr. Manmohan Singh our former Prime Minister had addressed the situation. According to him the condition of the economy is “deeply worrying” at the moment and it is all because of the mismanagement of the Modi government. The economy has huge potential and can grow at a faster rate but all this man made crisis has crippled the economy. Problem of poverty, population, social inequality and corruption are some serious issues before us. “This makes it very clear that our economy has not yet recovered from man-made blunders of demonetisation and a hastily implemented GST” he said.
The noteban trick has failed and GST has become troublesome for businessmen and investors. The manufacturing sector’s growth is wobbling at 0.6 percent. Singh urged the government to put aside “vendetta politics” and reach out to sane voices and thinking minds to steer the economy out of this “man-made crisis“. To which Sitharaman said that she has no thoughts on what Dr. Singh has said.
It is high time that the govt. should take some serious advice and not get it dirty in the name of politics. Dr. Singh, if not an admired Prime minister, is a renowned economist, he has served the country for almost 35 years and is a well learned man in the field of Indian finance and economy. Even Shiv Sena, supported Dr. Manmohan through an editorial and told that he has the right to speak and the govt. should pay heed to him.
With the present growth rates India may someday achieve its dream of becoming a $5 trillion economy may be a few decades later, but by then the population will also be increased many folds making India’s purchasing power parity still low which will leave India a poor country again.
SOME UNKNOWN FACTS ABOUT DR.MANMOHAN SINGH
- Since Jawaharlal Nehru, he was the only Prime Minister to be re-elected after completing 5 years of the term.
- Manmohan Singh is the most qualified Prime Minister in the world with numerous honorary degrees such as Doctor of Laws, Doctor of Civil Law, Doctor of Social Sciences, and an honorary doctorate of letters
- P.V. Narasimha Rao, the then Prime Minister of India appointed him as the Finance Minister of India in 1991(without having any political background) when the nation was dealing with the economic crisis.
- Manmohan Singh became the first Sikh Prime Minister of India and he served as the PM from 2004 to 2014.
Manmohan Singh’s career timeline:
- Honorary Professor at Nehru University. Director of the Reserve Bank of India(1976-1980).
- Director of Industrial Development Bank of India (1976-1980).
- Member of the Planning Commission. Governor of the Reserve Bank of India, Deputy Chairman of the Planning Commission of India
- Secretary-General of the South Commission.
- Advisor on Economic Affairs
- Prime Minister of India.
- Chairman of the University Grants Commission.