November 18, 2019

Urge PM To "Set Aside His Deep-Rooted Suspicion Of...": Manmohan Singh

Prime Minister Narendra Modi should set aside his "deep-rooted suspicion of industrialists and entrepreneurs", which has halted economic development and ruptured India's social fabric, his predecessor Manmohan Singh has said in a hard-hitting editorial in The Hindu newspaper.

The "toxic combination of deep distrust, pervasive fear and a sense of hopelessness in our society is stifling economic activity, and hence, economic growth," the former Prime Minister said in the piece titled "The Fountainhead of India's Economic Malaise" published on Monday.

"I urge the Prime Minister to set aside his deep-rooted suspicion of industrialists and entrepreneurs and nurse us back to a confident and mutually trustworthy society that can revive the animal spirits and help our economy soar," Manmohan Singh wrote.

The state of the economy, said the former Prime Minister, was worrying not just because of what he called disturbing statistics like 15-year low in GDP growth, a 45-year high in joblessness, a four-decade low in household consumption, bad loans and a 15-year low in electricity consumption. "These are mere manifestations of a deeper underlying malaise that plagues the nation's economy today," he wrote.


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