Former PM Manmohan Singh on Monday launched a scathing attack on the Modi government for its “disastrous policies” and “economic mismanagement”, and said the country was facing crises that were avoidable.
Mr MM Singh attacked the government over a series of banking sector frauds, the money swindled almost quadrupled from Rs 28,416 crore in September 2013 to Rs 1.11 lakh crore in September 2017.
“Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector,” he said. Two “major avoidable blunders” of the Modi government had been demonetisation and hasty implementation of GST.
He said the losses the economy suffered due to these blunders had severely hurt the micro, small and medium enterprises and resulted in the loss of tens of thousands of jobs.
Besides, exports as a share of the GDP plunged to a 14 year low at a time when the global economy was reviving and exports of other Asian nations like Vietnam were growing substantially, he said.
Singh said petrol and diesel prices were at a “historic high” despite a fall in international crude oil prices because the Modi government had chosen to levy “excessive” excise duty.
“Instead of passing on the benefits of low prices to the people, the Modi government has punished the people,” he said.
“Our nation today is experiencing difficult times. Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential,” Singh told reporters.