Karnataka elections: Mismanagement of economic policies hurting, Manmohan Singh targets PM Modi

Manmohan Singh said, “The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the public in the banking sector."

Manmohan Singh said, “The growth rate under the NDA is lower “in spite of the change in methodology, which paints a rosier picture than reality.’’ (PTI Photo)

Launching an attack on the NDA’s economic policies, Congress leader and former prime minister Manmohan Singh said the Centre’s “disastrous policies” and “economic mismanagement” had cost the country dear and was endangering the “collective future of India”.

During a brief visit to the Congress office in Karnataka ahead of the May 12 Assembly polls in the state, Singh said, “What took years of hard work to make the Indian economy the third largest in the world is being dismantled through systematic efforts that have no grounding in logic. In only four years, PM Modi has reversed the successes of the UPA government, in the process hurting our farmers. The aim of the present government to double farmers’ incomes by 2022 comes across as wishful thinking,’’ he said.

“As write-offs to corporate houses have exponentially increased, unpayable agricultural loans due to heightened rural distress are not being waived. In three years, over Rs 2.41 lakh crore worth of loans have been written off by public sector banks,’’ he said.

Calling demonetisation and the “hasty implementation” of GST “two major avoidable blunders”, Singh said, “The losses the economy suffered due to these blunders have severely hurt our micro, small and medium enterprise sectors, and have resulted in the loss of tens of thousands of jobs. Along with this, exports as a share of GDP have plunged to a 14-year low… The intention of the government, while claimed to be good, have resulted in massive losses… Its lack of reasoning and analysis is costing India and our collective future,’’ he said during a media interaction.

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The NDA has failed the most on the job front, despite promising to create two crore jobs, Singh said. “In the age group of 15-24, over 72 lakh jobs were lost over the last four years. It is normal in an economy to have sluggish job growth, this usually happens when external factors are unfavourable. However, job destruction in India is due to mismanagement on the part of PM Modiji and his team,’’ he said.

Despite a favourable international climate and low oil prices, the NDA has delivered lower economic growth than the UPA, which delivered 7.8% growth under trying global conditions, he said. The growth rate under the NDA is lower “in spite of the change in methodology, which paints a rosier picture than reality,’’ the former prime minister said.

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Karnataka Assembly Elections 2018: Former prime minister Manmohan Singh addresses the media at Karnataka Congress headquarters in Bengaluru on Monday. (Photo: Twitter/@rssurjewala)

“Petrol and diesel prices are at a historic high. This is in spite of lower international crude oil prices because the Modi government chooses to levy excessive excise taxes. Instead of passing on the benefits…, the government has punished the people,’’ he said.

“The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the public in the banking sector,’’ he said, adding, “When asked to explain… the economic ills of the last four years, PM Modiji tends to blame everything on the 70 years of Congress rule,’’ he said.

“It is worth remembering that India is the only country in the world to have incorporated in its Constitution the principle of promoting scientific temper in the society… It does not help that the ministers in Modiji’s Cabinet and even BJP Chief Ministers regularly making comments promoting irrationality,’’ the former prime minister added.

Singh also said the language used by Modi in the rallies in Karnataka does not bode well for country. Accusing Modi of trying to “polarise” the society, Singh said, “It is all the more shocking that the Prime Minister… stoops so low and uses language unbecoming of a PM….”