Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | It's DeMo effect, says Singh

It's DeMo effect, says Singh

Share this article Share this article
published Published on Jun 7, 2017   modified Modified on Jun 7, 2017
-The Telegraph

New Delhi: Former Prime Minister Manmohan Singh today directly linked the slowdown in growth to demonetisation, pointed out that private investments had almost dried up and expressed deep concern over a jobs crunch.

The most authoritative Opposition voice on the economy was speaking at the Congress Working Committee meeting, five months after describing demonetisation as "organised loot and legalised plunder" and warning that growth would be severely affected.

"India's GDP numbers for the fourth quarter and full year of 2016-17 were released a few days ago. Economic growth has slowed down sharply, driven primarily by the notebandi announcement of November 2016. Gross Value Added (GVA), a true sub-measure of economic activity, has also experienced a steep and sustained fall," Singh told the CWC.

"Private sector investment has collapsed and the economy is running on just one engine of public spending," he added, seeking to punch holes in the economic record of the Narendra Modi government.

According to the provisional estimates put out by the Central Statistics Office, real GDP growth had shrunk from 8 per cent in 2015-16 to 7.1 per cent in 2016-17.

Soon after the figures were made public, finance minister Arun Jaitley had tried to delink demonetisation and growth, blaming a cocktail of domestic and global factors.

Today, Singh said the most worrisome aspect was the impact of the slowdown on job creation.

"Jobs have been extremely hard to come by for the youth of the nation," he said. "The construction industry, which is one of the largest employment generators in the country, has suffered a contraction. This implies loss of millions of jobs for the nation's workplace."

Every speaker at the meeting talked about the adverse impact of demonetisation on the poor as well as on industry.

In her address, Sonia Gandhi referred to Singh's forecast in Rajya Sabha on the impact of the demonetisation on the economy and said: "The actual numbers show the scheme was a disaster."

"Till today, the government refuses to disclose how much of the demonetised currency in circulation was actually returned to the banks. It isn't that the Reserve Bank of India has forgotten how to count money."

Please click here to read more. 

The Telegraph, 7 June, 2017, https://www.telegraphindia.com/1170607/jsp/nation/story_155581.jsp


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close