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