Surat: Former Prime Minister Dr. Manmohan Singh said on Saturday that it is too early to say that the economic downturn has been reversed in the July-September quarter as a 6.3 percent growth rate of GDP, because it is small and medium There are no data areas, which have suffered huge losses due to note-ban and hurriedly implemented GST (goods and service tax). They welcomed the 6.3% growth rate of the July-September quarter but warned that it would be hasty to conclude that the economy has improved.
Addressing the professionals and traders in this electoral state, Singh said, “It would be hasty to conclude that the trend of declining economy has come to an end, which was seen from the last 5 quarters. Some economists believe that CSO (Central Statistics Office), which issues these figures, does not accurately assess the effect of GST and the cancellation on the informal sector. While the informal sector is around 30 percent of our economy, “said Govind Rao, a well-known economist, who said that there is ‘problem’ in estimating the pace of manufacturing sector on the basis of corporate results.
“It does not count the small and medium sector, which is most affected by the ban on bonds and GST,” Singh told Rao. Still bigger problems remain intact. The growth rate of agriculture sector has come down to 1.7 percent, which was 2.3 percent in the previous quarter. It was 4.1 percent in the same quarter of the previous year. “He said that after agriculture, most jobs were reduced in manufacturing.
While criticizing the economic policies of the BJP government, Singh said, “The growth of GDP has come down to 5.7 percent in the first quarter of 2017-18 under the new calculation with the effect of a nondescript on the economy. While there is little sense of actual effect in this because the calculation of the condition of the informal sector is not adequately calculated in the calculation of GDP.
He said, “With the fall of every percentage of our GDP growth rate, the country has a loss of 1.5 lakh crore rupees. Think of this fall affecting the countrymen. His jobs were lost and employment opportunities for the youth were over. The businesses had to be closed down and the entrepreneurs who were on the path of success have been disappointed. “Singh said that the fall in agriculture and manufacturing sector has come despite the fact that the government is spending a lot on its projects. “Even due to this, the fiscal deficit has reached 96.1 percent of the target of the entire fiscal in just seven months. The target for the entire year is fixed at Rs 5,46,432 crore.
“It means that the minimum spending is being spent by the private sector on the manufacturing sector, despite this, the uncertainty about the GDP growth rate remains intact. RBI (Reserve Bank of India) has estimated that the growth rate in the financial year 2018-19 will be 6.7 percent. However, if it reaches even 6.7% in 2017-18, then the average growth rate of 4 years of Modiji will remain only 7.1%. In the average of 10 years of UPA (United Progressive Alliance), the pace of economy increased to 10.6 percent in the fifth year. If it happens again I would be very happy, but to tell the truth, I am not expecting this to happen.