English हिन्दी
Connect with us

India News

Hasty GST implementation, noteban to adversely affect GDP: Manmohan

Published

9 years ago

on

Manmohan Singh

[vc_row][vc_column][vc_column_text]Former Prime Minister’s earlier prediction of demonetisation bringing GDP growth down by 2 per cent had recently come true

With his prediction of demonetisation pulling down India’s GDP growth rate by two per cent having recently come true, former Prime Minister Dr Manmohan Singh has once again warned against the adverse impact of noteban coupled with effects of the hasty implementation of the Goods and Services (GST) regime on the country’s economy in the near future.

Singh, an economist of international repute, has warned that the hasty implementation of the GST regime that was rolled out in July along with the continuing effect of demonetisation will hit the country’s massive informal and small scale sectors which collectively account for nearly 90 per cent of India’s job creation.

Speaking to CNBC TV18, on Monday, the former Prime Minister said: “Both demonetisation and the GST have had some impact (on the GDP growth)… Both will affect the informal sector and the small-scale sector. These sectors are today responsible for 40 per cent of GDP.”

Singh added that “because the GST has been put into practice in haste, there are many glitches now coming up. This is bound to affect GDP growth.”

The senior Congress leader’s comments come in the wake of recent government data that showed the GDP growth slipping to a three-month low at 5.7 per cent for the April-June quarter – a decline that has been blamed on effects of demonetisation and the GST by a large section of economists and business leaders across the country.

Although the ruling government has been singing praises for Prime Minister Narendra Modi’s decision of October last year to declare the Rs 500 and Rs 1000 currency notes as no longer legal tender – a sudden announcement that flushed out 86 per cent of India’s currency from the market – the slump in the GDP had forced even Union finance minister Arun Jaitley to admit that the new tax regime had impacted the country’s manufacturing sector.

As businesses destocked inventories ahead of the GST kick-off from July 1, gross value added (GVA) in manufacturing declined to a low of 1.2 per cent, from 10.7 per cent, year on year. Gross Domestic Product (GDP) growth in the first quarter of 2017-18 was lower than 6.1 per cent of the preceding one and 7.9 per cent in the same period last fiscal.

Jaitley had said that the fall in GDP growth was a “matter of concern”, although he expressed hope that the economy will bounce back to a 7 per cent growth once effects of GST implementation on de-stocking ease in the current quarter.

Singh, however, doesn’t share Jaitley and the Modi government’s optimism. Shortly after demonetisation was implemented, the former Prime Minister had, while speaking in the Rajya Sabha, called the move an “organised loot and legalised plunder”. In the aftermath of the GST rollout too, Singh had told a meeting of the Congress Working Committee – the apex decision making body of the principal Opposition party that the economy was “running on just one engine of public spending”.

While his prediction of a 2 per cent fall in GDP growth rate due to demonetisation has been proven true, much to the chagrin of the Modi government, it remains to be seen whether the Centre will pay heed to the former PM’s advice now.[/vc_column_text][/vc_column][/vc_row]

Related Topics:
Continue Reading

India News

Asish Banerjee found dead in Rampurhat, Mamata Banerjee aide’s death shocks TMC

Former West Bengal deputy speaker and five-time Rampurhat MLA Asish Banerjee was found dead at a Trinamool Congress office in Birbhum.

Published

19 hours ago

on

August 16, 2026

By

Mamata Banerjee

Former West Bengal Assembly deputy speaker and Trinamool Congress leader Asish Banerjee was found dead at a party office next to his residence in Rampurhat, Birbhum district, on Sunday morning.

Police said his body was found hanging and was sent for postmortem. A large crowd gathered outside the Trinamool Congress office after news of his death spread.

Who was Asish Banerjee?

Asish Banerjee had served as the deputy speaker of the West Bengal Assembly when Trinamool Congress chief Mamata Banerjee was the state’s chief minister. He was also a five-time MLA from Rampurhat.

He had served as Bengal’s education and agriculture minister after Mamata Banerjee’s Trinamool Congress first came to power in the state.

Banerjee contested the West Bengal Assembly election earlier this year but lost the Rampurhat seat to BJP’s Dhruba Saha.

Asish Banerjee’s recent party role

Banerjee stepped down as chairman of the Trinamool Congress’s Birbhum district core committee in June. At the time, he said he would continue as a general member of the party.

He lived in the Hattalapara neighbourhood of Rampurhat, with the party office where his body was found located next to his house.

BJP gains in Birbhum

The BJP won six of the 11 Assembly constituencies in Birbhum in the latest state election. This marked a significant change from 2021, when the Trinamool Congress had won 10 seats in the district while the BJP had secured one.

Police have sent Asish Banerjee’s body for postmortem as the circumstances surrounding his death are being investigated.

Continue Reading

India News

IPS Officer Nupur Prasad gets Medal for Meritorious Service after Sushant Singh Rajput probe

IPS officer Nupur Prasad, who led the CBI investigation into Sushant Singh Rajput’s death, has been selected for the Medal for Meritorious Service this year.

Published

2 days ago

on

August 15, 2026

By

IPS officer Nupur Prasad, who led the CBI investigation into actor Sushant Singh Rajput’s death, has been recognised with the Medal for Meritorious Service (MSM) this year.

A 2007-batch AGMUT cadre officer, Ms Prasad recently returned to the Delhi Police after completing her tenure with the CBI. She is currently serving as Joint Commissioner of Police in the Economic Offences Wing (EOW), where she oversees investigations involving financial and economic crimes.

The award is part of this year’s recognition for police personnel for distinguished and meritorious service. Such honours recognise contributions in areas including investigation, crime prevention, public service, law and order and administration.

Nupur Prasad’s role in Sushant Singh Rajput case

Ms Prasad came into national focus during the CBI investigation into the death of Sushant Singh Rajput, who was found dead at his Mumbai residence on June 14, 2020.

The case was transferred to the CBI in August 2020 following a complaint by the actor’s family and a legal dispute over jurisdiction.

During her tenure with the agency, Ms Prasad supervised key aspects of the investigation, including the examination of witness statements, forensic evidence and medical records.

In 2025, the CBI filed closure reports, saying its investigation found no evidence of foul play, abetment to suicide or criminal conspiracy in the actor’s death.

Career across Delhi Police, CBI

Ms Prasad has served in several positions during her career, including assignments in the Delhi Police, CBI, Arunachal Pradesh and West Bengal.

Before joining the CBI, she held senior positions in the Delhi Police and became the first Deputy Commissioner of Police (DCP) of Shahdara. During her tenure, she worked on establishing the district’s policing framework following its creation.

She also led operations targeting drug networks and illegal gambling activities while focusing on crime-prevention measures.

Later, as DCP of North Delhi, she oversaw security arrangements for major events, including Independence Day celebrations at the Red Fort and Delhi University elections.

Community-focused policing initiatives

Beyond investigations, Ms Prasad has been associated with community-focused programmes involving women’s self-defence, youth development, cyber safety and drug de-addiction.

During her CBI tenure, she was also associated with several prominent investigations. Media reports have linked her to cases concerning businessman Vijay Mallya and the AgustaWestland helicopter deal.

Current role in Delhi Police

After completing her assignment with the CBI, Ms Prasad returned to the Delhi Police and took charge as Joint Commissioner of Police in the Economic Offences Wing.

The latest recognition adds to her career spanning investigations, policing and public service across several challenging assignments.

Continue Reading

India News

Kharge, Rahul Gandhi skip Independence Day event for 2nd straight year

Congress chief Mallikarjun Kharge and Rahul Gandhi skipped the 80th Independence Day celebrations at the Red Fort for the second consecutive year.

Published

2 days ago

on

August 15, 2026

By

Rahul Kharge

Congress president Mallikarjun Kharge and Leader of Opposition in the Lok Sabha Rahul Gandhi skipped the 80th Independence Day celebrations at Delhi’s Red Fort for the second consecutive year.

Prime Minister Narendra Modi led the Independence Day celebrations at the historic venue on Saturday.

The absence of the two senior Congress leaders comes amid strained relations between the ruling party and the Opposition, which further deteriorated during the Monsoon Session of Parliament that concluded on Thursday.

2024 seating controversy

Rahul Gandhi had attended the Independence Day celebrations in 2024 but his seating arrangement triggered a controversy. The Congress leader, who holds the status of a Cabinet minister as Leader of the Opposition in the Lok Sabha, was seated in the second-last row during the ceremony at the Red Fort.

The Opposition had criticised the seating arrangement, calling it an insult to the people. The Defence Ministry, which organised the event, said the arrangement had been modified to accommodate Olympians at the venue.

According to protocol, the Leader of the Opposition is seated in the front row during ceremonial events.

Opposition-ruling party tensions

Relations between the government and the Opposition remained tense during the Monsoon Session, which ended on Thursday.

The session saw repeated clashes between the two sides, with both the Opposition and the ruling party blaming each other for the low productivity of Parliament.

The session began on July 20, with students marching towards Parliament on the first day. Twelve bills were passed during the session, while detailed discussion took place on only one legislation, concerning paper leaks.

The Congress, along with the Trinamool Congress and Samajwadi Party, also boycotted the customary tea party hosted by Lok Sabha Speaker Om Birla after the House was adjourned sine die.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com