Former PM Manmohan Singh says, Indian economy not in good shape

File Photo

New Delhi, January 30: Ahead of Union Budget that is slated on February 1, Former Prime Minister Manmohan Singh and former Finance Minister P Chidambaram jointly addressed a press conference and released a document on the Real State of India’s Economy. 

The senior leaders of Congress slammed the central government for mismanaging the affairs of Indian economy and claimed that it is the right of people to know the reality before the Union Budget.

“Tomorrow is the day when the government will present its economic survey. We thought it a good idea that we should also bring out a document which sets out what we consider is the real state of the economy. So that the country as a whole has the ways and means of assessing where the economy is, where it is heading to and what can be done to bring on the right path,” said Manmohan Singh unveiling the “Real State of Economy”, prepared by the Congress.

Indian economy not in good shape: Former Prime Minister Manmohan Singh

“Indian economy is not in good shape is now obvious. The IMF has projected that the growth rate of India this current fiscal year will not be 7.6 percent but 6.6 percent. Several other agencies have made similar projections,” said Manmohan Singh.

“NDA Govt tends to believe in an exaggerated version of an economy and this research document is closer to the truth than what government will say tomorrow, “ said P Chidambaram.

Chidambaram said that the document released here “candidly and truthfully assesses the state of India’s economy” which is supported by hard research and data.

Citing the current state of an economy, the former finance minister said that common man is entitled to question the government and should not believe the “rosy picture” falsely presented to them.

He highlighted the lack of jobs, declining capital formation and lowest credit growth in several decades. He said, “Where are the jobs? Where is a new capital investment? Where is credit growth?”

Credit growth at 5% is the lowest in several decades: P Chidambaram

Chidambaram challenged BJP for hiding behind the GDP number. He said, “People aren’t dazzled by it, but are asking where are the jobs?.”

Taking a jibe on Modi government, he added, every govt must be optimistic, but optimism must stem from a realistic assessment of the situation.

On BJP’s allegation, Manmohan Singh said, What I did was with full satisfaction of mine,” and there was not anything against law of the land. It was a normal routine transaction and therefore the letter that’s being talked about is nothing but an ordinary piece of letter. The former prime Minister also refused to comment on any projections and said the document is a contribution to the ongoing debate on where does the Indian economy stand, where it is heading and what is to be done to pull it in the right path.

As a responsible opposition, we decided to bring out a document on the functioning of the Economy, said Congress spokesperson Rajeev Gowda.

Wefornews Bureau

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