The Country is in Midst of Protracted Slowdown, Says Manmohan Singh

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Congress leader and Former Prime Minister Dr. Manmohan Singh said the atmosphere in the country is of gloom and doom. — IANS file photo

The promises which the BJP made during the Lok Sabha elections are ignored and the economic reality is something different what is talked by the BJP government.

Caravan News

NEW DELHI — Addressing the meeting of all general secretaries, state in-charges, state unit chiefs, Congress Legislature Party (CLP) leaders here, former prime minister Manmohan Singh hit out at the Narendra Modi-led NDA government’s ‘complacency over the slowdown in the economy and said that there’s an atmosphere of ‘gloom and doom’ all around.

“The country is today in the midst of dangerous protracted slowdown. And this is not only statement being made by the Congress leaders, but everywhere when you talk to people of industry and journalists the economy is going bad to worse,” said Manmohan Singh on Thursday.

The dangerous thing about present situation is that the government is complacent enough not to realise that we are in the midst of protracted economic slowdown

The former Prime Minister pointed out: “The dangerous thing about present situation is that the government is complacent enough not to realise that we are in the midst of protracted economic slowdown.”

In the situation that our country is faced today whether you look at agriculture, real estate, manufacturing all along the line there is downturn in the economy, he highlighted. He underlined that if the situation was not reversed, the worst thing would happen on the employment situation.

“If income growth slows down month after month, quarter after quarter the scope for creating more jobs for young people is going to be seriously affected,” he said.

He also pointed that the rupee was getting weaker and weaker, “but exports have been sluggish under the NDA regime”, and the result is the balance of payments situation getting worse and worse.

Sharing the figures of the real estate sector of eight metropolitan cities, Singh said, “In the first half of the 2019-20, in eight metropolitan cities about 4.5 lakh dwelling units are lying vacant and there are no demand for those.

“If the real estate is affected, employment will also be affected and that is what is happening in our economy,” he said.

Manmohan Singh said that automobile industry is crying for help and the general feeling is that if the present trend of sales is not reversed then a million of people will lose their jobs.

“Therefore the atmosphere in the country is of gloom and doom,” he said, adding that one could hope that the BJP government will come up with a package to stimulate demand, promote investment.

Singh asked the Congress leaders to go to people and inform them about the promises of the BJP during the Lok Sabha elections.

“The promises which the BJP made during the Lok Sabha elections are ignored and the economic reality is something different what is talked by the BJP government,” he said.

(With inputs from IANS)

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