Criticising the Prime Minister Narendra Modi-led NDA government for failing to manage the economy, former Prime Minister Manmohan Singh on Sunday said that the ‘jobless growth’ has slipped into ‘job-loss growth’, and that youth rural indebtedness and urban chaos have made the growing aspirational youths restless.
“The jobless growth slipping into job-loss growth, together with rural indebtedness and urban chaos have made the growing aspirational youths restless,” Singh said while addressing the convocation ceremony at the Delhi School of Management.
He said that the challenges which the nation is facing today include “grave agrarian crisis, the declining employment opportunities, the pervasive environmental degradation, and above all the divisive forces at work.”
“Suicides of farmers and frequent farmer agitations reflect the structural imbalances in our economy which call for serious in-depth analysis and political will to address them,” he said.
Hinting towards sudden announcement of demonetisation and GST, Singh said that industrial and commercial sectors suffered due to them as well as the economy.
Well thought-out policy and implementation strategies are required to stimulate industrial and commercial sectors. Knee-jerk reactions and off-the-cuff announcements of grandiose schemes and unproductive projects have manifestly failed to uplift the economy to its potential,” he said.
“We are living in a fast-changing world. On the one hand we are getting more and more integrated with the world economy and exposed to the global markets, and on the other hand we face massive economic and social challenges at home,” Singh further said.
Singh concluded by saying, “Needless to stress, it is a testing time for our democratic spirit, our patience and tolerance, our capacity of managing contradictions, our resolve of ensuring inclusive growth – a strong, equitable and sustainable growth.”