Manmohan Singh believes there is something worse than economic slowdown in the country

Former Prime Minister Manmohan Singh spoke about the state of the Indian economy at the National Economy Conclave where he gave the valedictory address. Commenting on the GDP growth rate of 4.5 per cent, Singh said that there's still something that's in a worse state than the Indian economy.

"The state of our economy is deeply worrying. But today I will argue how the state of our society is even more worrisome and that is a fundamental reason for the precarious state of our economy," he said during his speech.

He also said that a sharp dip from 5 per cent in the first quarter to 4.5 per cent in the second is worrisome. "GDP figures released today are as low as 4.5% per cent .This is clearly unacceptable. Aspiration of our country is to grow at 8-9 per cent. Sharp decline of GDP from 5 per cent in Q1 to 4.5 per cent in Q2 is worrisome. Mere changes in economic policies will not help revive the economy," he said.

Also read: GDP growth slows down to 4.5% in Q2, hits more than 6-year low

Manmohan Singh also suggested ways to revive the economy. "We need to change current climate in our society from one of fear to one of confidence for our economy to start growing at 8 per cent per annum. State of economy is a reflection of state of its society. Our social fabric of trust and confidence is now torn and ruptured," he said.

The Congress also slammed the BJP government for the disappointing GDP growth rate. The party took a jibe at BJP MP Pragya Thakur's comments on Nathuram Godse as well as the government's inability to arrest the slowdown. "India's GDP has collapsed to an abysmal 4.5%. We are in a virtual free-fall. This is the lowest GDP quarter in 6 years. But why is the BJP celebrating? Because their understanding of GDP ( Godse Divisive Politics) suggests double digit growth levels. All in the perspective!" it said. 

Also read: RBI may go for another rate cut as GDP slows to more than 6-year low

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