New Delhi: Former Prime Minister of the country Manmohan Singh has expressed concern over the deteriorating economy of the country. Manmohan Singh said that the state of the economy is very worrying today. Reaching five percent of the country's GDP is a sign that we are caught in the vortex of a long recession. He said that India's economy is capable of growing at a rapid pace, but the Modi government's practices have pushed the country's economy into recession.
Former PM Manmohan Singh said that the economy has not yet recovered from the monopolies like demonetisation and GST. At the same time, the Bharatiya Janata Party (BJP) has responded to Manmohan Singh's claim that 'we are correcting the mistakes of your government'. It is noteworthy that Indian economy is going through a recession these days. India's growth rate was 5 percent in the previous quarter. Which shows that India is in the grip of recession.
The most surprising thing is that the manufacturing sector grew by only 0.6. Former PM Manmohan Singh said that disappointment in domestic demand is clearly visible and the growth in consumption is at its lowest level in 18 months. Nominal GDP has reached the lowest level of 15 years. There has been a huge reduction in tax revenue. Manmohan Singh said, there is apathy among investors. It is not the foundation of economic reform.
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