YOU TOO HAD 5 YEARS, STOP BLAMING: MANMOHAN TO NDA
Former PM hits back at the FM for saying banking sector was at its worst phase under Singh, Rajan
Conceding that there were some “weaknesses” in his regime, former prime minister Manmohan Singh said on Thursday that the Narendra Modi government should stop blaming the United Progressive Alliance (UPA) for every economic crisis, as five years was sufficient time to come up with solutions. Addressing a press conference ahead of the Maharashtra elections, he was replying to a question on Finance Minister Nirmala Sitharaman’s comments in the US, where she said the banking sector passed through its worst phase during the tenures of Singh and former RBI Governor Raghuram Rajan.
Conceding that there were some "weaknesses" in his regime, former prime minister Manmohan Singh said here on Thursday that the Narendra Modi government should stop blaming the UPA for every economic crisis, as five years was sufficient time to come up with solutions.
Addressing a press conference ahead of Maharashtra elections, he was replying to a question on Finance Minister Nirmala Sitharaman's comments in the US, where she said the banking sector passed through its worst phase during the tenures of Singh and former RBI Governor Raghuram Rajan.
The NDA government should have learnt from the UPA'S "mistakes", and provided "credible solutions", Singh said.
Had the NDA government learnt from the mistakes, fraudaccused jeweler Nirav Modi and
other loan defaulters would not have fled with public money, or the banks' situation would not have gone from "bad to worse", Singh said.
"You cannot claim year after year that the fault lies with the UPA (United Progressive Alliance), you have been in office for five and half years and that is long enough period for a government committed to public welfare to do some credible things. Merely passing the buck to UPA regime is no solution to India's problems," the former PM said.
Talking about his tenure as prime minister between 200414, Singh said, "What happened did happen. There were some weaknesses.
"But this government has been in office for five and half years, it should have learnt from our mistakes and provided credible solutions to those problems which are still affecting our economy," he said.
"You may score some brownie points, but you are not finding solutions to the problems of the suffering humanity of our country," Singh added.
Earlier, he said, "Before one can fix the economy, one needs a correct diagnosis of its ailments. The government is obsessed about somehow trying to fix blame on the opponents, in the process it is unable to find the solutions that will ensure revival of the economy."
Singh said India is in a "vicious slowdown" and pegged the only "feasible" rate of growth that can be achieved now at 5.56 per cent, much below the 8-10 per cent essential to address India's needs.
Welcoming the corporate tax cuts, the economist-turned - politician said the problem right now is lack of demand and suggested a cut in indirect taxes to address the issue.
He blamed the Modi government for "deterioration in economic climate" of t he country, adding that "double engine model" of governance has failed.
Singh said the government's apathy and incapability are affecting the future and aspirations of millions in the midst of the slowdown.
YOU CANNOT CLAIM THE FAULT LIES WITH THE UPA , YOU HAVE BEEN IN OFFICE FOR FIVE AND A HALF YEARS AND THAT IS LONG ENOUGH PERIOD FOR A GOVERNMENT COMMITTED TO PUBLIC WELFARE TO DO SOME CREDIBLE THINGS” MANMOHAN SINGH former PM