Former PM Manmohan Singh addressing a press conference in Bengaluru speaking on a subject he holds sway - economics.
Further, Dr. Singh said that instead of taking prompt corrective action over economic mismanagement, the government has been busy providing excuses and peddling conspiracy theories as to what led to the problem. Recent incidents which resulted in shortage of cash in many states were unnecessary.
Dr Singh said that the Modi government has done two major "unavoidable blunders": demonetisation and the hasty implementation of GST. "Losses the economy suffered due to these blunders have severely hurt our micro small & medium enterprise sector & have resulted in loss of tens of thousands of jobs".
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". The Prime Minister is blaming the 70 years of Congress governments when questioned about issues. He said under UPA II, the average annual MSP (minimum support price) growth rate was 19.3 per cent, which has fallen to 3.6 per cent during the NDA's rule. He said jeweller Nirav Modi escaped a few days after being photographed with the PM in Davos, and this even as it was obvious from 2016 onwards that something was amiss and yet the Modi government didn't do anything.More news: May 8, 2018 Primary Elections
Coming down heavily on the Modi government over the series of bank frauds, he said: "The proportion of non- performing assets (NPAs) has trebled since we demitted office". It is normal in an economy to have sluggish job growth, this usually happens when external factors are unfavourable. Singh also criticised the Modi government for the rise in fuel prices.
The former PM and noted economist cited demonetisation, GST and GDP growth to slam Modi govt, while reminding people of the UPA's achievements.
Adding to this, he also stated, "Fraud in the banking sector has nearly quadrupled from Rs 38,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017". He blamed "excessive excise taxes" imposed by the NDA government, saying, "Modi government is punishing people". The intention of the government, while claimed to be good, have resulted in massive losses... "That itself is the reflection of sad state of affairs in this wonderland of Modi government", he added.
The NDA, on the other hand, has managed lesser growth rate despite a favourable worldwide climate and low oil prices.More news: Mass. mom shares story of skin cancer survival
Dr Singh accused the government of increasing petrol and diesel prices by 110 per cent even though the global prices are 67 per cent down.
In a scathing attack Dr Singh said, "He (Modi) forgets the role of green revolution that made the nation a net exporter of wheat, rice and other food grains".
The Modi government, he alleged, was making deliberate efforts to paint a "rosy" picture of the economy that was not backed by hard facts.
He said the outcome of the Karnataka polls would have animpact on national politics as it was one of the most prosperous states in the country. "India must demand answers as to what use this money was put to", the former prime minister asked.More news: Sarah Ferguson snubbed from Prince Harry & Meghan Markle's reception