Modi govt left economy in ‘dire straits’: Manmohan Singh

Vastavam web: Former prime minister Manmohan Singh on Sunday said India is headed for an economic slowdown and accused the Modi government of leaving the economy in dire straits due to its “lack of economic vision”.

Citing the latest economic growth figures to suggest an impending slowdown, the senior Congress leader also said the Indian economy is “over-regulated” and the government controls and interferences are aplenty with even regulators having “morphed into controllers”.

He also rued the “growing interference” of courts in the economic policies, and said the Congress would have handled the economy differently. In an interview, the two-time prime minister, who is credited with spearheading India’s economic reform process, alleged that the lack of any vision or understanding of the country’s dynamics of economy by the Narendra Modi-led government has led to “disruptive” decisions like demonetisation.

He said the declining growth of private consumption, tepid increase in fixed investment and muted exports are the key factors which have led to this situation.

Singh said the demonetisation was perhaps “the biggest scam” of independent India, dealt a blow on the country’s economy and decimated the informal and unorganised sectors with crores of people turning jobless.

“This was nothing but a criminal act of betrayal for those people who elected this government with such a brute majority,” he said. Singh said had the Modi government followed the path shown by the previous governments of high economic growth and rapid development, the country could have eliminated poverty in the last five years.