Senior Congress leader and former prime minister Manmohan Singh on Saturday downplayed the rise in the GDP growth levels in the second quarter and said that it is less than the UPA government’s 10-year average growth rate.
India’s Gross Domestic Products (GDP) on Thursday surged by 6.3 percent in the second quarter of 2017-18 from a three-year low of 5.7 percent in first quarter.
Addressing media here, the former prime minister said, “There still remains considerable uncertainty over the growth of the GDP. The RBI forecasts that growth in 2017-19 will pick up to 6.7 per cent. However, even if the growth picks up to 6.7 per cent in 2017-18, Modiji’s four year average growth rate will be only 7.1 per cent. To equal the UPA’s ten year average, the economy will have to grow at 10.6 per cent in the fifth year. I would be happy if this was to happen but frankly I do not think it will.”
Continuing his tirade against the Prime Minister Modi government’s economic policies, Singh said that the demonetisation cost the country Rs 1.5 lakh crore in economy while GDP growth rate fell to 5.7 per cent in the first quarter.
Terming the Goods and Services Tax (GST) as tax terror, Singh said the BJP government’s version was ‘poorly designed’, ‘badly implemented’ and ‘brought about in such a tearing hurry’. (ANI)