Former prime minister Manmohan Singh blamed the “slipshod” implementation of the goods and services tax (GST) for damaging the vibrant small and unorganised sector while addressing a convocation at the Delhi School of Management
He stated that the domestic challenges of our economy are daunting in their complexity and devastating in their impact on society. Knee-jerk reactions and off the cuff announcements of grandiose schemes and unproductive projects have failed to lift the economy to its potential
He said that farmers’ suicide and frequent agitations reflected the “structural imbalances in our economy” and called for a serious in-depth analysis and political will to address them. Â He added that the country’s jobless growth was fast slipping into ‘job-loss growth’ and together with rural indebtedness and urban chaos was making youth restless.
The former Prime Minister advocated well thought out policies and implementation strategies to stimulate industrial and commercial sectors. Observing that macroeconomic stability and fiscal consolidation were the pre-requisites for any semblance of inclusive growth, he stressed the need to incentivise and involve corporates and other business enterprises and institutions in discharging their social responsibility of building India.
