Unemployment high in India due to govt”s “ill considered demonetisation decision”: Manmohan Singh

Unemployment high in India due to govt”s “ill considered demonetisation decision”: Manmohan Singh

Thiruvananthapuram, Mar 2 (PTI) Attacking the Centre,
former Prime Minister Dr Manmohan Singh on Tuesday said
unemployment is high in the country and its informal sector is
in shambles following the “ill considered demonetisation
decision” taken by the BJP-led government in 2016.
He also criticised the central government for not holding
regular consultations with the states.
Inaugurating a development summit virtually organised by
the Rajiv Gandhi Institute of Development Studies, an economic
think tank aligned to the Congress ideology in poll-bound
Kerala, Singh said temporary measures by the Government of
India and the Reserve Bank to paper over the credit problem
cannot blind us to the looming credit crisis ahead that could
affect the small and medium sector.
“Unemployment is high and the informal sector is in
shambles, a crisis precipitated by the ill considered
demonetisation decision taken in 2016”, he said at
“Pratheeksha 2030.”
The summit was organised to launch a Vision Document, a
framework of ideas for development of Kerala well in advance
of the state elections.
He said in Kerala and in many other states, public
finances are in disarray with states having to resort to
excessive borrowing, which creates an intolerable burden on
future budgets.
“Federalism and regular consultation with states, which
was the cornerstone of Indias economic and political
philosophy as enshrined in the Constitution, no longer finds
favour with the present Central government,” he said.
Singh said while Kerala”s social standards are high,
there are other sectors that need strong attention in the
future.
“There are many roadblocks ahead that the state has to
overcome. The global downturn of the last two or three years,
aggravated by the pandemic, has made the global interface of
Kerala more fragile.
“While the increased use of digital modes of work may
keep the IT sector afloat, tourism has been hit badly and the
rate at which the pandemic is galloping in Kerala poses
challenges for this industry”, Singh said.
Noting that the focus on health and education has enabled
Kerala to take advantage of job opportunities elsewhere in the
country and in all parts of the world, Singh said this has led
to a growing stream of remittances from abroad which created a
booming real estate sector and sharp growth of the services
sector, led by tourism and information technology.
“In the midst of all the gloom, I see the UDF”s steadfast
adherence to planned growth with a clear sense of direction
and concern for the common man a beacon of hope, not only for
Kerala, but for the whole country”, he said.
“When I presented the national budget in 1991 as Finance
Minister, I quoted Victor Hugo, who had said, “Nothing is more
powerful than an idea whose time has come.”
I get the feeling that the unanimity and clarity
displayed by the UDF on the road ahead will lead to Kerala”s
idea moment arriving this year”, he said. PTI TGB
ROH ROH

Disclaimer :- This story has not been edited by Bollyinsidestaff and is auto-generated from news agency feeds. Source: PTI

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