Former prime minister Manmohan Singh on Wednesday has pointed out at how India’s economy has gone from bad to worse following the government’s demonetisation move, before further stating that the worst is yet to come.
Addressing members in a Congress party convention in Delhi, Singh – who also happens to be a noted economist – countered Prime Minister Narendra Modi by quoting that the latter's claims of a robust economy are “hollow”.
“The demonetisation move was disastrous. It hurt the country but the worst is yet to come,” he predicted before the Congress workers who had gathered at the Jan Vedna Sammelan.
It is to be noted that Manmohan Singh is credited as the man responsible for implementing reforms and transforming India’s economy as finance minister in the early 90s, and had, in November, foretold that demonetisation will shave two percentage points off India’s GDP.
Reiterating the claim, he said that almost all rating agencies had pared down growth estimates from 7.6% to 7% and as low as 6.3%.
“As a consequence, employment in fall in agriculture and informal sector, which contributes 45% to the national income,” Singh said.
No comments:
Post a Comment