Soon after data released by National Statistical Office regarding India’s GDP growth, former Indian Prime Minister Manmohan Singh has said that India’s economic condition is deeply worrying and latest GDP figures released by government are clearly unacceptable.
As per released data, India’s GDP growth slipped to a 26-quarter low of 4.5 per cent in the second quarter July to September of the current fiscal.
Speaking at the National Economy Conclave in New Delhi, Manmohan Singh said the sharp decline of India’s GDP is worrisome. He said mere changes in economic policies will not help revive the economy. “GDP figures released today are as low as 4.5 per cent. This is clearly unacceptable. Aspiration of our country is to grow at 8-9 per cent. The sharp decline of GDP from 5 per cent in Q1 to 4.5 per cent in Q2 is worrisome. Mere changes in economic policies will not help revive the economy,” the veteran Congress leader was quoted as saying.
“Many industrialists tell me they live in fear of harassment by government authorities. Bankers are reluctant to make new loans, for fear of retribution. Entrepreneurs are hesitant to put up fresh projects, for fear of failure attributed to ulterior motives,” Singh said.
Economic growth slipped further to hit an over six-year low of 4.5 per cent in July-September, Indian media reported. The previous low was recorded at 4.3 per cent in the January-March period of 2012-13. The Gross Domestic Product (GDP) growth was registered at 7 per cent in the corresponding quarter of 2018-19.
During the six-month period (April-September 2019), the Indian economy grew 4.8 per cent as against 7.5 per cent in the same period a year ago.
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