Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nSingh alleged that government policies had led to a massive\nloss of jobs, rural distress and \u201cunabated tax terrorism\u201d, in a statement\nissued in the wake of GDP growth having slowed the most in six years in the\nJune quarter. He questioned the rationale behind the transfer of Rs 1.76 lakh\ncrore from RBI\u2019s surplus and said the \u201cman-made blunders of demonetisation and\na hastily implemented GST (goods and services tax)\u201d had crippled the economy,\nespecially the crucial manufacturing sector, which \u201cis tottering at 0.6%\u201d\ngrowth.<\/p>\n\n\n\n
\u201cThe last quarter\u2019s GDP rate of 5% signals that we are in\nthe midst of a prolonged slowdown,\u201d said Singh, who has also been finance\nminister and RBI governor.<\/p>\n\n\n\n
Singh pointed out that that India\u2019s domestic demand is\ndepressed and consumption growth is at an 18-month low. \u201cNominal GDP growth is\nat a 15-year low. There is a gaping hole in tax revenues. Tax buoyancy remains\nelusive as businessmen, small and big, are hounded and tax terrorism continues\nunabated. Investor sentiments are in doldrums. These are not the foundations\nfor economic recovery,\u201d he said<\/p>\n\n\n\n
\u201cThe Modi government\u2019s policies are resulting in massive\njob-less growth. More than 3.5 lakh jobs have been lost in the automobile\nsector alone. There will similarly be large scale job losses in the informal\nsector, hurting our most vulnerable workers. Rural India is in terrible shape.\nFarmers are not receiving adequate prices and rural incomes have declined. The\nlow inflation rate that the Modi government likes to showcase comes at the cost\nof our farmers and their incomes, by inflicting misery on over 50 per cent of\nIndia\u2019s population,\u201d said the former PM.<\/p>\n\n\n\n
Singh also claimed that \u201cinstitutions are under attack\u201d and\ntheir autonomy is being eroded. \u201cThe resilience of the RBI will be tested after\nits record transfer of Rs. 1.76 lakh crore to the government, which claims that\nit does not have a plan on what it will do with this windfall,\u201d he said\/<\/p>\n\n\n\n
In addition, the former Prime Minister said, the credibility\nof India\u2019s data has come under question under the Modi government. \u201cBudget\nannouncements and rollbacks have shaken the confidence of international\ninvestors. India has not been able to increase its exports to take advantage of\nopportunities that have arisen in global trade due to geopolitical\nrealignments. Such is the state of economic management under the Modi government.\u201d<\/p>\n\n\n\n
India\u2019s youth, farmers and farm workers, entrepreneurs and\nthe marginalised sections deserve better, Singh said, urging the government to\n\u201cput aside vendetta politics\u201d, and reach out to all sane voices and thinking\nminds, \u201cto steer our economy out of this man-made crisis\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Former PM of India Dr. Manmohan Singh blamed India\u2019s growth slump on \u201call-round mismanagement\u201d by the government in a critique of its economic performance. He urged the PM Narendra Modi administration to set aside its \u201cvendetta politics\u201d and reach out to all \u201csane voices and thinking minds\u201d to find ways of steering the economy out […]<\/p>\n","protected":false},"author":13,"featured_media":5757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[721],"class_list":["post-5756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-gross-domestic-products"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=5756"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5756\/revisions"}],"predecessor-version":[{"id":5758,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/5756\/revisions\/5758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/5757"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=5756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=5756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=5756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}