Manmohan Singh slams govt on declining GDP growth rate | The Business Standard
Skip to main content
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Monday
June 16, 2025

Sign In
Subscribe
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
MONDAY, JUNE 16, 2025
Manmohan Singh slams govt on declining GDP growth rate

World+Biz

TBS Report
30 November, 2019, 03:25 pm
Last modified: 30 November, 2019, 04:27 pm

Related News

  • Air India flight crash: CA Yunus writes to Modi, offers Bangladesh's full support
  • India briefs 5 countries, including US, UK following air strikes on Pakistan
  • India should find new friends in the new Bangladesh
  • Yunus-Modi meeting will pave the way for a long-anticipated 'win-win' situation
  • India has now shown it will work with whichever government is in power

Manmohan Singh slams govt on declining GDP growth rate

The toxic combination of deep distrust, pervasive fear and a sense of hopelessness in the society is the reason for stifling economic growth, according to Manmohan Singh.

TBS Report
30 November, 2019, 03:25 pm
Last modified: 30 November, 2019, 04:27 pm
Photo: Reuters
Photo: Reuters

Former prime minister Manmohan Singh on Friday said the current state of Indian economy was deeply worrying and the state of the society was even more worrisome.

His comment came after India's gross domestic product (GDP) growth for the July-September quarter decelerated.

"The rate decline of GDP from 5% to 4.5% is worrisome. Mere changes in economic policies will not help revive the economy," Singh said.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The toxic combination of deep distrust, pervasive fear and a sense of hopelessness in the society is the reason for stifling economic growth, according to Manmohan Singh.

Singh, an eminent economist himself, said with an absolute majority in Lok Sabha and low global oil prices, the government has a once-in-a-generation economic opportunity to catapult India to the next phase of economic development and create new jobs for hundreds of millions of youth.

Manmohan Singh in a direct message to Prime Minister Narendra Modi said, "I urge the Prime Minister to set aside his deep-rooted suspicion of our society and nurse us back to a harmonious, confident and mutually trustworthy society that can revive the animal spirits and help our economy soar."

"I will argue how the state of our society is even more worrying and that is a fundamental reason for the precarious state of our economy. I will talk today, largely as a concerned citizen and as an economist, so that we can keep politics out of this important discussion," said Singh.

A nation's state of the economy is also a reflection of the state of its society. An economy is a function of the numerous exchanges and social interactions among the people and institutions. "Mutual trust and self-confidence are the bedrock of societal transactions that fosters economic growth. Our social fabric of trust and confidence is now torn and ruptured," he said.

"There is a palpable climate of fear in our society today. Many industrialists tell me they live in fear of harassment by government authorities. Bankers are reluctant to make new loans, for fear of retribution. Entrepreneurs are hesitant to put up fresh projects, for fear of failure attributed to ulterior motives," he said.

Singh said the root cause of this is the government's policy doctrine that seems to suspect every industrialist, banker, policy maker, regulator, entrepreneur and citizen, which has halted economic development with bankers unable to lend, industrialists unable to invest and policymakers unable to act.

"The Modi government seems to view everything and everyone through a tainted prism of suspicion and distrust through which every policy of previous governments was considered of bad intent, every loan sanctioned was undeserving, every new industrial project was crony in nature and so on," he said.

"There is no one today that can deny the sharp slowdown in India's economy and its disastrous consequences, particularly for farmers, youth and the poor. But it is my belief that mere changes in economic policy alone will not help revive the economy. We need to change the current climate in our society from one of fear to one of confidence for our economy to start growing robustly again," he said.

India is now a $3 trillion global economic powerhouse driven largely by private enterprise and it is not a tiny command and control economy that can be bullied and directed at will, he noted.

"Nor can it be managed through colourful headlines and noisy media commentary. Shooting down messengers of bad news or shutting off economic reports and data is juvenile and does not behove a rising global economic powerhouse. No amount of subterfuge can hide the performance and analysis of a $3 trillion market economy of 1.2 billion people. Economic participants respond to social and economic incentives, not diktats or coercions or public relations," he said.

There is no one today that can deny the sharp slowdown in India's economy & its disastrous consequences particularly for our farmers, youth & poor. The GDP figures released today point that the growth rate of our economy in Q2FY20 is as at 4.5%: Former PM Dr Singh #GDPkeBureDin pic.twitter.com/9sIKxfJ9gx— Congress (@INCIndia) November 29, 2019

Moreover, Congress chief spokesperson Randeep Surjewala alleged that for the Bharatiya Janata Party (BJP) the GDP was "Godse Divisive Politics". 

He was referring to the ongoing row surrounding a BJP MP's remarks on Mahatma Gandhi's assassin Nathuram Godse.

"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," he said on Twitter.

Top News / Politics

Manmohan Singh / growth rate / declining / Modi

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A drone photo shows the damage over residential homes and a school at the impact site following a missile attack from Iran on Israel, in Bnei Brak, Israel June 16, 2025. REUTERS/Chen Kalifa
    Destruction mounts as Iran's missile strikes devastate central Israel
  • Former Bangladesh High Commissioner to the UK Saida Muna Tasneem. Photo: Collected
    ACC launches inquiry against ex-UK envoy Saida Muna, husband over laundering Tk2,000cr
  • Shakib Al Hasan. File Photo: Collected
    Travel ban imposed on Shakib Al Hasan, 14 others over corruption allegations

MOST VIEWED

  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    Merger of 5 Islamic banks at final stage: BB governor
  • UCB launches Bangladesh's first microservices-based open API banking platform
    UCB launches Bangladesh's first microservices-based open API banking platform
  • Photo: Collected
    Pakistan rejects reports of missile supply to Iran
  • Infographic: TBS
    Non-performing loans surge by Tk74,570cr in Q1 as hidden rot exposed
  • Crore-taka bank accounts edge down by 719 in March quarter
    Crore-taka bank accounts edge down by 719 in March quarter
  • Nepal begins 38MW hydropower export to Bangladesh
    Nepal begins 38MW hydropower export to Bangladesh

Related News

  • Air India flight crash: CA Yunus writes to Modi, offers Bangladesh's full support
  • India briefs 5 countries, including US, UK following air strikes on Pakistan
  • India should find new friends in the new Bangladesh
  • Yunus-Modi meeting will pave the way for a long-anticipated 'win-win' situation
  • India has now shown it will work with whichever government is in power

Features

The GLS600 overall has a curvaceous nature, with seamless blends across every panel. PHOTO: Arfin Kazi

Mercedes Maybach GLS600: Definitive Luxury

6h | Wheels
Renowned authors Imdadul Haque Milon, Mohit Kamal, and poet–children’s writer Rashed Rouf seen at Current Book Centre, alongside the store's proprietor, Shahin. Photo: Collected

From ‘Screen and Culture’ to ‘Current Book House’: Chattogram’s oldest surviving bookstore

23h | Panorama
Photos: Collected

Kurtis that make a great office wear

3d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

4d | Panorama

More Videos from TBS

Advisor involved in corruption by appointing city corporation administrator: Ishraq

Advisor involved in corruption by appointing city corporation administrator: Ishraq

25m | TBS Today
MI6 appoints first female chief in 116-year history

MI6 appoints first female chief in 116-year history

50m | TBS World
ICT orders newspapers ads summoning Hasina to appear before tribunal on 24 June

ICT orders newspapers ads summoning Hasina to appear before tribunal on 24 June

3h | TBS Today
Who was IRGC intelligence chief Kazemi killed in Israeli strike?

Who was IRGC intelligence chief Kazemi killed in Israeli strike?

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net