Special Correspondent (New Delhi): Prakash Javadekar says: Government doesn’t subscribe to Manmohan Singh’s analysis of Economy. Manmohan Singh used the word “ deeply worrying” for the state of the economy and appealed the government to put aside “vendetta politics” and interact with sane voices.
On Tuesday, the govt. rejected the former Prime Minister Manmohan Singh’s criticism over the state of economics. As India has become the world’s fifth-largest economy, it does not subscribe to his analysis.
Manmohan Singh said, the state of the economy is deeply worrying and urged the government to put aside “vendetta politics” and reach out thinking minds to manage the economy out of this “man-made crisis”.
I&B Minister Prakash Javadekar said “We do not subscribe to what Manmohan Singh has analyzed…India was 11th (largest) economy of the world. Now it is fifth and we are marching to be third.” He was replying the question of Singh regarding the economy.
Economic growth has slowed by 5% in the first quarter of the present fiscal. The government has a contemporary view it was not looking at the economics in a piecemeal manner, Javadekar further said.
He said,” What we are doing is, being a responsive government, addressing the issues and we have seen this process in GST also. The GST Council met every month and took relevant decisions and it is now fine-tuned. So that is the way how the people-friendly government works and that is how we are working.”
10 Public banks merge into four to push economic growth, Minister Nirmala Sitharaman declared a slew of measures and boost the liquidity of the NBFC sector.
To catalyze credit, the government has merged 10 public sector banks into four. The government aims to make India a $5 trillion economy coming years.