Former Prime Minister Manmohan Singh has said that the current economy can be improved by taking five steps. The former PM has blamed government steps like demonetization and GST for the current economic situation.
In an interview with Dainik Bhaskar, Manmohan Singh has said that before implementing the five methods, one has to accept that the country is going through a recession. The central government will have to talk to experts and all stakeholders with an open mind. He said that no focused approach of the central government is visible in this matter.
Manmohan Singh said in the interview that the Modi government will have to get out of the habit of headline management. Manmohan Singh has outlined five ways in which GST has to be rationalized. He said that even if there is a loss of tax for a short time.
Regarding the second step, Manmohan Singh said that the government will have to find new ways to increase rural consumption and revive the agriculture sector. He said that concrete choices have been given in the Congress manifesto regarding this. In this, agricultural markets have to be free so that people can get money.
Manmohan Singh explained the third step that the debt shortage has to be overcome for capital formation.
The fourth measure is to revive key sectors like textiles, automobiles, electronics and affordable housing.
In the interview, Manmohan Singh said about the fifth measure that we have to identify new export markets that are opening up due to the ongoing trade war in the US-China. It should be remembered that both cyclic and structural problems need to be resolved. Only then we can get back the high growth rate in 3-4 years.