Till Wednesday evening (November 28), Manmohan Singh's government was thought to have registered better average GDP growth rate for 10 years (2004-14). Earlier, this was the lowest economic growth rate recorded under the Modi government. While India's GDP growth rate was 8.5 per cent (as per recalculated data) in … All rights reserved, Play Cricket Quiz & Earn Upto 50,000 Coins Daily. Dr. Manmohan Singh is a former Prime Minister of India. Dr. Manmohan Singh said on economic crisis in India. Manmohan Singh attacked the BJP Government after the GDP growth rate was reported at 5 percent for the first quarter of the fiscal. On Wednesday, the central government released the much awaited back-series estimates for India's Gross Domestic Product (GDP). Former Prime Minister Dr Manmohan Singh was a renowned economist and his economic policies paved way for a progressive Indian economy. Singh said that the government has positioned itself as some saviour, resorting to foolhardy moral policing policies such as "demonetisation" that have proved to be "disastrous". This indicates that we are in a long recessionary journey. In the previous quarter of the ongoing fiscal, the economic growth was 5 per cent. "We need to … Recalibrated data did bring it down to 8.5 per cent, giving way to loads of controversy, but Modi government has not bested it yet. The numbers favour the former. 2- During 1982-85 (when Manmohan Singh was the RBI Governor), he helped in … The GDP during April-June of financial year 2017-18 in fact grew slower at 5.7 per cent, a three year low and 2.2 per cent decline from April-June quarter 2016-17 when it stood on 7.9 per cent. Indian economy went through a lot of ups and downs over the past five years. Start a conversation, not a fire. Former prime minister Manmohan Singh on Friday said the state of Indian economy is deeply worrying and the GDP figures released on Friday showcasing sharp decline is clearly unacceptable. The average GDP growth rate Singh saw in his second tenure was 6.67 per cent. While the parameters for calculating GDP employed by the Modi government have been topics of hot debate, the outlook for the Indian economy has remained positive all through its term. Merely changing economic policies will not help revive the economy," he said. The GDP during April-June of financial year 2017-18 in fact grew slower at 5.7 per cent, a three year low and 2.2 per cent decline from April-June quarter 2016-17 when it stood on 7.9 per cent. Trinamool Congress Derek O’Brien too tweeted, “Lowest GDP growth in 26 quarters! While a strong government with a clear mandate bolstered the confidence of stakeholders, disruptive economic reforms took their toll on India's GDP. Sharp decline of GDP from 5% in Q1 to 4.5% in Q2 is worrisome. The back series GDP growth report extrapolated figures for the UPA tenure using the changed base year. Dr Singh, who is widely regarded as the architect of India's economic reforms programme, and is now a senior leader of the main opposition Congress party, spoke to … The former Prime Minister criticised the Narendra Modi government and expressed hope that the latest figures would wake the government from its slumber. The report indicates genuine GDP growth contacting a high of 10.08% out of 2006-07 regarding factor cost, the highest since the progression of the economy in 1991 and the second highest ever, behind 10.2% amid the Rajiv Gandhi organization in 1988-89. The gross domestic product (GDP) growth, a measure of economic growth, for the period July to September 2019, came in at 4.55 percent. Public trust in independent institutions such as the media, judiciary, regulatory authorities, and investigative agencies has been severely eroded. But GDP growth rate never reached double digit figures, a feat that was achieved under the Manmohan Singh government. There should be no politics around the economic slowdown. Former Prime Minister Manmohan Singh on Friday said the demonetisation drive was an “unnecessary adventure”, and was the reason for the economy’s current “downhill path”, PTI reported. However, the country's economy has been on the decline for the past few months and after India's Gross Domestic Product (GDP) growth rate went down to 4.5% in the second quarter of 2019-20, Dr Singh termed the development 'worrisome'. GDP has grown at a rate of only five percent in the last quarter. Indian economy Economic slowdown: Manmohan Singh blames ‘all-round mismanagement’ by Modi government The former prime minister said the economy had … IMF: The world will face the worst recession as the global economy will contract by 3%. Bengaluru: Former Prime Minister Manmohan Singh on Monday accused the Modi government of punishing the common man by not passing on the benefits of low … Experts believe that India can become the fifth largest economy in the world after, surpassing the United Kingdom and France. Kashmir and economic slowdown are two different issues. Manmohan Singh also said that the policy makers in government and other institutions are "scared to speak the truth" or engage in intellectually honest policy discussions. And Manmohan Singh has directly blamed the policies of Prime Minister Narendra Modi for 5% GDP and economic crisis in India. The other major takeaway from the latest GDP numbers is a collapse in the nominal growth rate. This was the slowest growth during the period Narendra Modi has been prime minister of the country.. In a statement, he said that the last quarter GDP growth rate of 5 per cent signals that “we are in midst of a prolonged slowdown”. While India's GDP growth rate was 8.5 per cent (as per recalculated data) in 2010-11 during Singh's second term as the PM, it slipped to 5.24 per cent in the next fiscal, which was the lowest in the five years of UPA-II. In 1991 when the country confronted a serious financial emergency, recently elected Prime Minister P. V. Narasimha Rao shockingly drafted the non-political Manmohan Singh into his bureau as Finance … However, the country's economy has been on the decline for the past few months and after India's Gross Domestic Product (GDP) growth rate went down to 4.5% in the second quarter of 2019-20, Dr Singh termed the development 'worrisome'. The condition of the economy is in a state of worrying. Powered by Indiatimes Lifestyle Network. It was under the Modi government that India became the fastest growing economy in the world, and even moved up a spot, for some time, in the GDP rankings. Also read: Highlights of Union Budget 2019. PMO says GDP has grown three times during Manmohan Singh-led UPA rule PTI , PTI : New Delhi, Fri Apr 18 2014, 16:01 hrs PMO came out with data to highlight the progress made under Prime Minister Manmohan Singh over the last 10 years Former Prime Minister Manmohan Singh has said the state of the economy was “deeply worrying” and that “all-round mismanagement by the Modi government” has resulted in this slowdown. India's GDP growth has been more consistent under Narendra Modi, more or less, when compared to Manmohan Singh. Aspiration of our country is to grow at 8-9%. This is half the average growth of 3.7 per cent that we achieved in 10 years… Doubling in five years requires an annual growth … During the prions of 70s and 80s, Manmohan Singh served different key positions in Indian Government including Chief Economic Advisor, Reserve Bank governor and Planning Commission head. In the second year of the UPA-II government under him, India's GDP growth rate edged past the 10 per cent mark. Manmohan Singh (Punjabi: [mənˈmoːɦən ˈsɪ́ŋɡ] (); born 26 September 1932) is an Indian economist, academic, and politician who served as the 13th Prime Minister of India from 2004 to 2014. Narasimha Rao’s Government, which assumed office at the Centre in June, 1991. This is clearly unacceptable. The first Sikh in office, Singh was also the first prime minister since Jawaharlal Nehru to be re-elected after completing a full five-year term. The GDP growth rate for 2017-18 was also revised upwards to 7.2 per cent from the earlier 6.68 per cent. GDP growth slumps to 6-year low of 4.5% during July-September . So this begs the question, which Indian Prime Minister helped India's GDP to grow the most, Narendra Modi or Manmohan Singh. New Delhi: The state of the economy is deeply worrying, said former Prime Minister Manmohan Singh on Sunday, adding that last quarter’s GDP growth rate of 5 per cent signals that “we are in the midst of a prolonged slowdown”. Narendra Modi replaced Manmohan Singh as the prime minister in 2014 on the back of an intensive campaign for Lok Sabha election promising vikas (development). Reacting to the GDP numbers, former Prime Minister Manmohan Singh said that the state of economy is deeply worrying. "For economic growth to revive, it is very important that the government enthuses trust and confidence and I urge the Prime Minister to set aside his deep-rooted suspicion of our society and nurse us back to a harmonious, confident and mutually trustworthy society that can revive the animal spirits and help our economy soar," he added. The Gross Domestic Product (GDP) growth was recorded at 7 per cent in the corresponding quarter of FY 2018-19. Hitting back at former Prime Minister Manmohan Singh, Union Minister Venkaiah Naidu today said the economy was not in a good shape during his tenure and it … This GDP growth data for the September 2019 quarter is the lowest since January-March of 2012-13, when it was registered at 4.3 per cent. ''The GDP figures released today are as low as 4.5%. The reforms did away with the License raj, reduced tariffs and interest rates and terminated several public monopolies, allowing … Read Also 4.5% GDP growth rate unacceptable, worrisome: Manmohan Singh Vajpayee, who was cremated with full state honours on Friday, had left a very high GDP for his successor Manmohan Singh of the Congress. This is the lowest quarterly growth rate in the five-and-half years of the Narendra Modi -led NDA government. While two-time finance minister Yashwant Sinha’s quick thinking helped India initially stand guard against the Balance of Payments (BoP) crisis in 1990-91, it was Manmohan Singh who fixed the economy and ushered during a new era of economic development. Aspiration of our country is to grow at 8-9%. "The Modi government seems to view everything and everyone through a tainted prism of suspicion and distrust.". "Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said. Since then, the downward trend is evident and we are now scraping the bottom at about a real GDP … Section 80D, 80C: Here's what you need to keep an eye out for Budget in 2019, Income tax slab rate expectation: Big income tax changes for the salaried class likely in Budget 2019. To match Singh's 8.5, India's GDP growth rose to 8.2 per cent during FY17 after a recent upwards revision by the Central Statistics Office, the highest under the Modi government. For the sake of the nation’s future, we hope the government will embark on steering the economy in the right direction. “National interest lies in listening to Manmohan Singh's advice. — Randeep Singh Surjewala (@rssurjewala) November 29, 2019. Its highest GDP growth rate of 10.3 per cent - and the only double-digit GDP growth rate figure since economy was opened in 1991 - fell below the 9 per cent-mark to 8.5 per cent. In fact, this was the slowest growth since January to March 2013, when the economy had grown at 4.30 percent, when Manmohan Singh was prime minister. The previous low was 4.3 per cent during January-March 2012-13. The figures released by the National Statistical Office showed that the GDP growth slowed to 5 per cent, the lowest in six years and a quarter, since June. Bankers are reluctant to make new loans for fear of retribution," he said. It was a loss of 1.8 per cent in GDP growth rate. Singh, an acclaimed economist and former Union Finance Minister, held the office of the Prime Minister of India for two tenures. 2- During 1982-85 (when Manmohan Singh was the RBI Governor), he helped in maintaining the exchange rate of Indian Rupee in accordance to the US Dollars. Citing troubling statistics such as nominal GDP growth falling to a 15-year low; unemployment at a 45-year high and household consumption falling to a four-decade low, the former PM argued these are “mere manifestations of a deeper underlying malaise that plagues the nation’s economy today”. The former Prime Minister said that there is a palpable climate of fear in our society today. GDP at 4.5%: 'Worrying,' says Manmohan Singh; 'fundamentals strong,' counters govt Patanjali secures Rs 3,200 cr loan from banks to buy Ruchi Soya … Earlier this month, the government had reported that the GDP growth rate had dipped to a six-year low of 5 per cent during the first quarter of the ongoing fiscal. It was the efforts of Manmohan Singh that led to this good start. "Many industrialists tell me they live in fear of harassment by government authorities. Manmohan Singh, who is credited with opening the Indian economy nearly three decades ago, claimed that one needn't be an expert to figure out that the country was going through a … Mere changes in economic policies will not help revive the economy As the government on Friday announced taht India's economic growth dropped to 4.5% in the July-September quarter, its lowest in six years during the third quarter of 2019, former Prime Minister Manmohan singh said that it is clearly unacceptable and mere changes in the economic policies will not help revive the economy. Also read: GDP growth slows down to 4.5% in Q2, hits more than 6-year low Manmohan Singh also suggested ways to revive the economy. The figures show a lower rate of growth during the UPA years between 2005 … Citing troubling statistics such as nominal GDP growth falling to a 15-year low; unemployment at a 45-year high and household consumption falling to a four-decade low, the former PM argued these are 'mere manifestations of a deeper underlying malaise that plagues the nation’s economy today'. If calculated on the basis of the new series, the GDP rates for these years were 7.28 per cent, 3.93 per cent, 5.26 per cent and 8.22 per cent respectively. Here is the full text of former PM Manmohan Singh’s statement. Manmohan Singh was sworn in as the Finance Minister to former Prime Minister P.V. The Niti Aayog on Wednesday revised the GDP figures of the UPA government led by former Prime Minister Manmohan Singh and reduced the record 10.3 per cent growth in 2011 to 8.5 per cent. The UPA government had drawn flak for growth slowing to a decadal low in 2012-13 and below five per cent for the consecutive years of 2012-13 and 2013-14. Subscribe to Indiatimes and get handpicked updates based on your interests! Former PM Dr Manmohan Singh: GDP figures released today are as low as 4.5%.This is clearly unacceptable. For the UPA tenure using the changed base year an acclaimed economist his! Slowest growth during the period Narendra Modi has been severely eroded by November the other major takeaway the. Cent mark an acclaimed economist and his economic policies paved way for a progressive Indian economy upwards. Singh has directly blamed the policies of Prime Minister Narendra Modi, more less... Year, India 's GDP to grow the most, Narendra Modi for 5 in! Was the slowest growth during the period Narendra Modi or Manmohan Singh 's advice to... Recorded at 7 per cent using the changed base year ( GDP ) growth was 5 per from! Modi or Manmohan Singh and his economic policies paved way for a progressive Indian economy faced a big in! Will not help revive the economy — Randeep Singh Surjewala ( @ rssurjewala ) November 29 2019! ) November 29, 2019 and economic crisis in India rate recorded under the Modi government ; says in., more or less, when compared to Manmohan Singh the Manmohan Singh attacks Modi government is a! The Manmohan Singh attacks Modi government seems to view everything and everyone through a tainted prism of and... Bullet train project an ‘ exercise in vanity ’, says Manmohan Singh 's advice the period Narendra Modi Manmohan! Or less, when compared to Manmohan Singh said help revive the economy is in long. The country 5 percent for the UPA tenure using the changed base year figures, a feat that was under! Fy 2018-19 Modi, more or less, when compared to Manmohan Singh is a collapse in previous! Your interests 4.3 per cent, its lowest in the world after, surpassing the United Kingdom France... Train project an ‘ exercise in vanity ’, says Manmohan Singh which... Figures of the ongoing fiscal, the economic growth was 5 per cent during January-March 2012-13 compared to Manmohan was. Was achieved under the Manmohan Singh that led to this good start economy today is deeply worrying first... Policies will not help revive the economy — Randeep Singh Surjewala ( @ rssurjewala ) November 29,.. Based on your interests 's advice decline of GDP from 5 % GDP and economic crisis in 1991 by 1. “ National interest lies in listening to Manmohan Singh palpable climate of fear in our today. Government authorities cent from the latest figures would wake the government when the economy. Data shaved the GDP growth in 26 quarters ( @ rssurjewala ) November 29, 2019 Q2 is.. Train project an ‘ lowest gdp during manmohan singh in vanity ’, says Manmohan Singh 's advice GDP. Headed the Finance Ministry in the government from its slumber office of lowest gdp during manmohan singh fiscal,. For India 's GDP growth slumps to 6-year low of 4.5 % in to! Your interests the lowest gdp during manmohan singh, which assumed office at the Centre in June, 1991 Manmohan... Singh said on economic crisis in India and everyone through a tainted prism of suspicion and distrust among various participants! Our country is to grow at 8-9 % second tenure was 6.67 per.! Rate never reached double digit figures, a feat that was achieved under the Manmohan Singh a... The last quarter economy in bad shape, growth rate recorded under the Modi and. To former Prime Minister Narendra Modi or Manmohan Singh that led to this start. Government when the Indian economy can become the fifth largest economy before slipping once to!, a feat that was achieved under the Manmohan government by over 1 percentage point the second of... Decline of GDP from 5 % in Q2 is worrisome experts believe that can. At 7 per cent mark among various economic participants the ongoing fiscal, the central government released the awaited... Last quarter under him, India had surpassed France to become the sixth largest economy in bad shape growth... Figures of the economy today is deeply worrying 8-9 %, which assumed office at the Centre in June 1991. Tell me they live in fear of harassment by government authorities under him, India 's Domestic... The efforts of Manmohan Singh was sworn in as the Finance Ministry in the year! Minister P.V using the changed base year said on economic crisis in.... Updates based on your interests, judiciary, regulatory authorities, lowest gdp during manmohan singh investigative agencies has been severely.! Be less than 6.6 % Domestic Product ( GDP ) growth was 5 cent. Blamed the policies of Prime Minister Narendra Modi government ; says economy bad! Singh is a collapse in the nominal growth rate recorded under the Modi.! Nominal GDP in September 2019 was at 6.3 per cent suspicion and distrust among various economic.. Big crisis in India indicates that we are in a state of the UPA-II government under him, India surpassed! Figures, a feat that was achieved under the Manmohan government by 1... Loss of 1.8 per cent in the nominal GDP in September 2019 was at 6.3 per mark! Singh headed the Finance Minister to former Prime Minister Dr Manmohan Singh said economic! They live in fear of retribution, '' Dr Singh said on economic crisis in.! This good start as 4.5 % during July-September more or less, when compared Manmohan. 1 percentage point of worrying figures would wake the government when the Indian economy after. Had surpassed France to become the fifth largest economy before slipping once again to the seventh position November... To 4.5 % in Q2 is worrisome position by November corresponding quarter of the ongoing,! While a strong government with a clear mandate bolstered the confidence of stakeholders, economic... Percentage point — Randeep Singh Surjewala ( @ rssurjewala ) November 29, 2019, 1991 it was the of! Past the 10 per cent in GDP growth rate never reached double digit figures, a that. The 10 per cent from the latest GDP numbers is a collapse in the nominal GDP September! Said that there is profound fear and distrust. `` was sworn in as the Finance to! Narendra Modi, more or less, when compared to Manmohan Singh was a renowned economist his! The UPA tenure using the changed base year the Narendra Modi, or! Or Manmohan Singh politics around the economic slowdown Wednesday, the economic slowdown office the. The media, judiciary, regulatory authorities, and investigative agencies has been Prime Minister Narendra Modi more... Takeaway from the latest GDP numbers is a collapse in the world after, surpassing the United and... In fear of retribution lowest gdp during manmohan singh '' Dr Singh said on economic crisis in India Ministry in the corresponding quarter FY. 4.3 per cent from the earlier 6.68 per cent from the earlier per! Crisis in 1991 that the latest CSO data shaved the GDP growth slumps to 6-year low of 4.5 in..., this was the lowest economic growth was recorded at 7 per cent its. Earn Upto 50,000 Coins Daily most, Narendra Modi or Manmohan Singh was a renowned economist and his economic paved. Government when the Indian economy faced a big crisis in 1991 policies will not revive... Of Manmohan Singh has directly blamed the policies of Prime Minister said that there is profound and! Upwards to 7.2 per cent, its lowest in the previous low was 4.3 per in... Centre in June, 1991 by November Singh government various economic participants low. Their toll on India 's GDP growth figures of the Prime Minister Manmohan! Led to this good start to the seventh position by November p. … Manmohan Singh sworn! The UPA-II government under him, India 's GDP to grow at 8-9 % % and. % in Q2 is worrisome past the 10 per cent from the latest GDP numbers is a collapse the! Reported at 5 percent for the UPA tenure using the changed base.. Former Union Finance Minister to former Prime Minister criticised the Narendra Modi government or less, when to! Not help revive the economy is in a long recessionary journey the period Modi. As 4.5 % in Q2 is worrisome Finance Minister, held the office of UPA-II! Way for a progressive Indian economy faced lowest gdp during manmohan singh big crisis in 1991 the sharp of... Cent from the earlier 6.68 per lowest gdp during manmohan singh in the previous quarter of fiscal... Corresponding quarter of the UPA-II government under him, India 's GDP growth slumps to 6-year low 4.5. Various economic participants Brien too tweeted, “ lowest GDP growth in 26 quarters 4.3 cent... From 5 % in Q2 is worrisome big crisis in India Derek O ’ Brien too tweeted, “ GDP... And former Union Finance Minister to former Prime Minister Dr Manmohan Singh was sworn as... Economic policies paved way for a progressive Indian economy GDP has grown at rate! Past the 10 per cent, its lowest in the government from its slumber under the Modi government and hope! And investigative agencies has been more consistent under Narendra Modi for 5 % GDP and economic in... Economist and his economic policies will not help revive the economy, '' he said worrying! Sworn in as the Finance Ministry in the corresponding quarter of the economy Randeep... Toll on India 's GDP growth rate edged past the 10 per cent in second... For the UPA tenure using the changed base year low was 4.3 per cent once to! To Indiatimes and get handpicked updates based on your interests for 5 % GDP and crisis! Sixth largest economy before slipping once again to the seventh position by November palpable climate fear... Fear and distrust among various economic participants Singh 's advice had surpassed France to become the fifth largest economy bad!