Manmohan attacks Modi on economy

‘ Fraudsters like Nirav escaping easily’

Former Prime Minister Manmohan Singh on Monday launched a scathing attack on the Modi government for its “disastrous policies” and “economic mismanagement” and said the country was facing crises that were avoidable.

Dr Singh attacked the government over a series of banking sector frauds, saying the money swindled almost quadrupled from ` 28,416 crore in September 2013 to ` 1.11 lakh crore in September 2017.

According to Dr Singh, two “major avoidable blunders” of the Modi government had been demonetisation and hasty implementation of GST.

Punching holes in Mr Modi’s claims about corruptionfree governance, Dr Singh obliquely referred to absconding diamantaire Nirav Modi and asserted that the latter’s escape from Davos was a reflection of the sad state of affairs under the Modi government.

“Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector,” he said.

“Our nation today is experiencing difficult times. Our farmers are

facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential,” Dr Singh told reporters.

He said that under UPA governments the growth rate averaged 7 per cent. It was 8 per cent at one point of time despite turbulent global conditions, he said. The NDA government, he said, clocked inferior growth rate despite a favourable international climate and low oil prices. In fact, growth rate under the NDA is lower in spite of the change in the methodology to determine it “which paints a rosier picture than reality,” Dr Singh said.

Describing Bengaluru as the cradle of science, IT, and innovation, Dr Singh warned that the country’s position as an IT superpower is under threat and the situation could get worse if the Modi government fails in its duties to protect H1, H4 and L1 visas in the US.

He said international crude prices had declined by 67 per cent after the Modi government took over the reins of governance. However, petrol and diesel prices have increased 110 per cent on an average. “Through constant increase in taxes and at the cost of the common man, the BJP government is projected to have earned over ` 10 trillion. India must demand answers as to what use this money was put to,” the former PM said.