Former Prime Minister Manmohan Singh welcomes GDP Growth in Q2 to 6.3 percent. At the same time, He maintains it's too early to confirm there is reversal in the decline shown in the past five quarters.
Manmohan Singh declares NDA Government can't even equal UPA's 10 year average if GDP grows at this rate. 'RBI predicts GDP growth to rise to 6.7 percent in 2017-18 financial year. Even if it touches 6.7 percent-mark, The four year average growth rate will just be 7.1 percent. To equal UPA's 10 year average, Economy should grow at 10.6 percent in the fifth year. I would be happy to ses that happen but frankly I don't think it will happen,' he said.
Ex-PM opined few Economists believe Central Statistics Office (CSO) failed to properly estimate the impact of Demonetisation and GST on the informal sector which accounts for 30 percent of the economy. '1 percent loss of GDP annually costs India Rs 1.5 lakh crore. Imagine the impact it gonna have…jobs lost, employment opportunities vanish and businesses shutdown,' shares Manmohan.
