Growth has slowed down due to demonetisation: Manmohan Singh

Singh said the GVA growth of the industry has fallen from 10.7 per cent in March 2016 to just 3.8 per cent in March 2017, a decline of nearly seven percentage points of growth.

By: PTI | New Delhi | Published:June 6, 2017 6:13 pm
punjab, punjab polls, polls 2017, punjab elections 2017, elections 2017, india news, manmohan singh, manpreet badal, manmohal singh, amarinder singh Former PM Manmohan Singh had in the Rajya Sabha criticised the government’s demoentisation decision calling it a ‘monumental mismanagement’.(Source: ANI file photo)

Former Prime Minister Manmohan Singh today said the country’s growth has slowed down mainly because of demonetisation and the economy is running on just one engine of public spending. He expressed serious concern over the situation, particularly the impact on job creation.

Singh, in his intervention at the Congress Working Committee (CWC) meet, talked about the decline in the economic growth as depicted in the last quarter GDP numbers. He said the slowdown was primarily due to demonetisation announced by Prime Minister Narendra Modi on November 8 last year. He said the Gross Value Addition (GVA) is the true sub-measure of economic activity and it has experienced a steep and sustained fall.

“Private sector investment has collapsed and the economy is running on just one engine of public spending,” he said at the meeting, chaired by Congress President Sonia Gandhi.

Singh said the GVA growth of the industry has fallen from 10.7 per cent in March 2016 to just 3.8 per cent in March 2017, a decline of nearly seven percentage points of growth.

“The most worrisome aspect of all this is the impact on job creation. Jobs have been extremely hard to come by for the youth of the nation,” he said.

The former Prime Minister noted that the construction industry, which is one of the largest employment generators in the country, has suffered contraction.

This, he said, “implies a loss of millions of jobs for the nation’s workforce”.

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    ashwani
    Jun 6, 2017 at 9:37 pm
    Bhakts ji.... if congress govt was so corrupt what modi is doing being in power from 3 years.... why all of them are not in jails.... at the time of elections in every rally he shouted ........Jijaji.. why vadra is still free.. country wants to know the corruption and corrupt people's should be behind the bars ... or it was jumla to win elections
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      madhusudan Bangalore
      Jun 6, 2017 at 8:22 pm
      What was contribution of UPA in past when only gigantic scams were promoted ? Modi govt is sitting over issues of corruption taken place during UPA regime. This needs to be investigated on priority basis to expose these leaders.
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        Anil Kumar
        Jun 6, 2017 at 7:02 pm
        When the world bank has been supported the Demotization move. Then there is meaning in Manmohan singh comments and his cheap politics
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          Anil Kumar
          Jun 6, 2017 at 7:03 pm
          When the world bank has been supported the Demotization move. Then there is no meaning in Manmohan singh comments and his cheap politics
          Reply
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          Rajendra Dash
          Jun 6, 2017 at 6:49 pm
          Ye hiya boltha bhi hai kya...LOL..
          Reply
          1. S
            seshadri
            Jun 6, 2017 at 6:39 pm
            People of this Great Nation feel that it is far better to see slow growth will pick up fast than sky height scams
            Reply
            1. S
              sadarani
              Jun 6, 2017 at 6:34 pm
              I agree manmohan is a great leader and peoples guy. but his left leaning/corrupt leaders dmk/bsp/sp/ncp is not good for country. I think the only hope for India is some smart cm like Navin Patnaik align with tough guys like Dr swam if the latter agrees to ditch bjp. Modi is what i expected a selfish crook. less said about big mouth jaitely the better. of course not to even talk about loud mouth Amit shah. I expect things to fall apart in the next six months and sky rocketing inflation and Modi amy have to call election by nov 2018. This is right time for fourth front sans career politicians of bjp/upa/nda. All best to anew indian. enuf o this beef ban and fanaticla narrow minded bufoons.
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                vasu
                Jun 6, 2017 at 6:30 pm
                If demo is the cause, then why not helicopter money, won't it be more effective Sir mms.
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                  madhusudan Bangalore
                  Jun 6, 2017 at 8:31 pm
                  INDIAN POLITICIANS MUST WORK SINCERELY AND HONESTLY FOR PEOPLE OF COUNTRY. THE LOOTED MONEY SHOULD BE DEPOSITED WITH GOVT FOR FASTER DEVELOPMENT OF COUNTRY. IN THE MEANTIME MODI GOVT MUST ENSURE ZERO TOLERANCE OF CORRUPTION ALL OVER COUNTRY BY ENFORCING NEW ANTI-CORRUPTION LAW PROVISIONING FOR STRINGENT PUNISHMENT OF 20 YEARS AND SEIZURE OF ALL ETS. THIS COUNTRY CANNOT MARCH AHEAD WITHOUT CURB OF CORRUPTION WHICH IS MAIN REASON FOR POVERTY AND BACKWARDNESS ALL OVER COUNTRY.
                  Reply
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