Shun vendetta politics, tend to economic slowdown: M K Stalin

Chennai: Citing warning of former Prime Minister Manmohan Singh on economic slowdown due to all-round mismanagement by the Prime Minister Narendra Modi government, DMK President MK Stalin urged Modi to take concrete steps to improve the economy and shun vendetta politics.

In a statement, Stalin pointed out that “Congress leader Manmohan Singh on Sunday stated that the state of the economy was “deeply worrying” due to “all-round mismanagement” by the Modi government. The last quarter GDP growth rate of 5 per cent signals that “we are in midst of a prolonged slowdown”.

Stalin said that the country’s economy has not improved since demonetisation 2016 and GST.  Former PM Manmohan Singh has highlighted the issue, which shows that the slowdown of the economy was caused by wrong policies of BJP. Entire world is keenly watching the country, he added.

Several experts including former RBI Governor Raghuram Ranjan, former Chief Economic Adviser to the Central Government Arvind Subramanian, vice-chairman of the NITI Aayog Rajiv Kumar and BJP leader Subramanian Swamy had cautioned the Government about slowdown of Indian economy. Despite their warning, Modi and Finance minister Nirmala Sitharaman seem not worried about the issue.

In nearly 40 years the country has been facing unprecedented unemployment problem, rural economy paralysed, livelihood of farmers, agricultural labourers, entrepreneurs of small and medium scale industries affected severely. The GDP growth rate has decreased to 5 per cent first time in 15-years.

He went on to point out that as a result of wrong economic policies industries and production units facing the heat. More than 3.5 lakh employees lost their job in automobile sector. On the one side the Government has resorted to tax terrorism and on the other side Central Government receives record Rs 1.76 lakh crore dividend and surplus reserves from the Reserve Bank of India. Without any proper plan the government decided to receive the huge fund from RBI.

Stalin urged the government to obtain advice from experts to improve the economy. However, it is heartening to note that the government has not giving priorities to improve the economy. As advised by Dr Manmohan Singh, the centre must shun vendetta politics and develop the economy.