www.thebuntline.com / email--buntline123@gmail.com

Saturday, October 19, 2019

Dr Manmohan Singh: Don't accuse -- evaluate cause of economy slowdown!

By on Saturday, October 19, 2019
The former Prime Minister, Manmohan Singh has reacted over the statement of Nirmala Sita Raman, Union Finance Minister who had accused Dr Singh for present Banking crises.
The present government has a whim of accusing the oppositions on every problem. Dr Manmohan Singh said, “ I saw the statement of finance minister Nirmala Sita Raman just now, I am not to react over the statement, but I shall say mere before to treat the ailing economy it must  be well known what are the disease and what are the reasons? The government has a whim of accusing the opposition; consequently it is not able to find the remedy of reving up.”
The statement of FM, Nirmala Sitaraman, that the most worsen condition of nationalized banks of India was during the regime of PM Manmohan Singh and the RBI governor Raghuram Rajan. She said it in an address to a programme of Columbia University in USA. She was to say that her priority is to save today every nationalized banks. She was to say, “ the loans were sanctioned on politicians’ phonecall during the tenure of Raguram Rajan, as governor of RBI.” According to FM, the capital are being allocate now to the banks to overcome from the damages occurred.
The Goldman max, global company, working for investment management said that the present economic crises in India are bigger than the crises during 2008. The company has reduced the economic growth rate to 6% this financial year. The company says that the reasons of present crises are the declining in the consumption.
The chief economist to Wall Street of Goldman max, Prachi Mishra, said in Mumbai, “ the consumption declining in india has begun in January 2018. The continueously export and the investment in the Indian economy have been slumping for the long time, but the decling consumption is a new cause to worry.” She adds that Many of the experts are assuming that such declining in consumption is due to the crises of NBFCG, but NBFCG crises had started in August 2018 with the matter of IL&FS, and the consumption declining had begun to decline much earlier of this incident.'
She has also said that the consumption declining has reduced one third of gross growth  and the sluggishness in present economy has been going on last 20 months back. She looks it a big challenge than the demonetization and the financial crises of 2008 which were for the short term. However Prachi Mishra has expressed her hope of economic growth in second half yearly. She has told its reason is the cheap monetary policy of RBI.
The statement of most prestigious agency of world has come at the time when the India’s growth rate of 6 year in the qarter of june has come to the lowest 5%. Moreover the RBI has reduced economic growth rate to 6.1% for FY 2019-20. The international Monetary Fund and World Bank have also reduced the economic growth rate of India. The Indian economy got a recession in 2008, but the reason behind it were  assumed global. The economy got a speed earliest in 2008, but the present economic sluggishness has been maintained for the past 2 years and although there are no indications to get rid of this crises