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Manmohan says, Indian economy is currently in a ‘vicious slowdown’

Manmohan Singh today said he didn’t see the economy reaching the 5 trillion dollar target by 2024, with gradual decline in growth. He also said the economy is in a “vicious slowdown” which could be salvaged only if the growth rate shot up.

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Manmohan Singh

Former Prime Minister Manmohan Singh today said he didn’t see the economy reaching the 5 trillion dollar target by 2024, with gradual decline in growth. He also said the economy is in a “vicious slowdown” which could be salvaged only if the growth rate shot up.

“Economy is in a vicious slowdown now. With the way it is going, right now what is feasible is 5.5 to 6 per cent in the short term. But our economy needs a growth rate of 8 to 10 per cent for employment generation,” the former Prime Minister said, while addressing a Press Conference in Mumbai, ahead of elections in Maharashtra.

He also referred to the International Monetary Fund report on India, which has predicted 6.1 % growth rate during the current fiscal year, as against 7.3% mentioned some months ago. “With growth rate declining year after year, I don’t think there’s any hope of economy reaching the target of $5 Trillion by 2024,” Dr Singh said.

Dr Singh also said Mumbai and Maharashtra had suffered some of the worst effects of the grave economic slowdown. Maharashtra today was a leader in farmer suicides, according to him, and every third person was jobless.

“Maharashtra used to attract talent from across the nation, sadly that is not the case anymore. The economic scenario of a demographic dividend is suffering. Factories and industry is fast moving out of Maharashtra. The farm sector is under stress too, farmers are suffering,” he said.

He said, unfortunately, the BJP governments at the Centre as well as in Maharashtra are unwilling to implement people-friendly measures. He said he had no doubt that the problems of Maharashtra would be managed in a better way under a Congress government.

Earlier on Tuesday, Finance Minister Nirmala Sitharaman had accused the Manmohan Singh-Raghuram Rajan combination for the present economic crisis in the country. Pointing at bad loans in state-run banks when the Congress-led United Progressive Alliance was in power, Sitharaman held the former PM and ex RBI Governor responsible for subjecting public sector banks to their “worst phase”.

“I have no reason to doubt that Raghuram Rajan feels for every word of what he is saying. And I’m here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of the Reserve Bank of India, had. At that time, none of us knew about it,” the Finance Minister said in her address  at the Columbia University’s School of International and Public Affairs.

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PM Modi says decline in TB incidence outcome of India’s dedication, innovation efforts

He acknowledged the dedicated healthcare workers of the Health Ministry, recognising their crucial role and commitment in the ongoing battle against tuberculosis.

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Prime Minister Narendra Modi said on Sunday that the decrease in tuberculosis (TB) incidence is a result of India’s dedicated and innovative efforts, asserting that the nation will continue to strive for a TB-free India through collective action.

His comments followed a statement from Health Minister J.P. Nadda, who highlighted that the World Health Organization (WHO) has acknowledged India’s “remarkable” progress, noting a 17.7% reduction in TB cases from 2015 to 2023—more than double the global decrease of 8.3%.

In a post on X, Modi praised the achievements by stating, “Commendable progress! The decline in TB incidence is an outcome of India’s dedicated and innovative efforts.” He reiterated the commitment to pursuing a TB-free India with a united approach.

BJP president and Union Health Minister JP Nadda also mentioned on Saturday that, “Under the visionary leadership of Prime Minister Shri Narendra Modi ji, our government has expanded and strengthened the National TB Elimination Programme,” mentioning initiatives like the Ni-Kshay Poshan Yojana, which provides essential nutritional support to TB patients, as well as the introduction of the BPALM regimen, a new treatment for Multi-Drug Resistant Tuberculosis.

He acknowledged the dedicated healthcare workers of the Health Ministry, recognising their crucial role and commitment in the ongoing battle against tuberculosis.

“I also acknowledge the tireless efforts of the Health Ministry’s dedicated healthcare workers, whose unwavering commitment and hard work play a crucial role in this fight against tuberculosis,” Nadda said.

According to the World Health Organization (WHO), India has recorded a decline of 17.7 percent in TB incidence from 2015 to 2023. This rate is more than double the global decline of 8.3 per cent.

In a post on X on Saturday, Nadda emphasised that ṭhis acknowledgment reflects India’s transformative approach to TB care and control. He mentioned that the government has expanded and strengthened the National TB Elimination Programme by taking key initiatives such as the Ni-Kshay Poshan Yojana to provide essential nutritional support to TB patients.

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In Wayanad, Rahul Gandhi says protecting Constitution is India’s primary battle

He emphasised that such a mindset represents the kind of politics needed in India—not one of animosity but one of love and kindness.

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Leader of Opposition in the Lok Sabha and Congress leader Rahul Gandhi asserted on Sunday that the primary struggle in the country today is to safeguard and preserve the Constitution. He emphasised that the Constitution was crafted not from hatred but with humility and affection.

“The primary struggle taking place is for our Constitution. The greatness and protection we enjoy stem from it,” he stated during a corner meeting in Mananthavady, part of the campaign for his sister, Priyanka Gandhi Vadra, who is contesting the Wayanad Lok Sabha bypoll.

Rahul explained that the Constitution was not born from anger or animosity but enacted by those who battled colonial rule, endured suffering, and spent many years in prison. They created the Constitution with love and humility, he added.

The Leader of Opposition in the Lok Sabha emphasised that this struggle represents a fight between love and hatred. “It is a fight between confidence and insecurity. To prevail in this battle, we must eliminate anger and hatred from our hearts and replace them with love, humility, and compassion,” he added.

The former Congress president also reflected on his sister’s compassionate actions, sharing a poignant memory. “She is someone who embraced the girl implicated in my father’s assassination. When she returned from meeting Nalini, she expressed her sorrow for her,” he recalled.

He emphasised that such a mindset represents the kind of politics needed in India—not one of animosity but one of love and kindness.

During her campaign, Priyanka Gandhi took the opportunity to criticise the central government, claiming that Prime Minister Narendra Modi is solely serving the interests of large business magnates.

“The Modi government prioritises his wealthy friends. Its agenda does not focus on improving your quality of life, creating jobs for educated youth, or enhancing healthcare and education,” she contended.

Priyanka continued her campaign activities by engaging in public and corner meetings alongside Rahul in the hilly constituency.

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Jammu & Kashmir CM Omar Abdullah condemns grenade attack near Sunday market in Srinagar

According to reports, at least six people were injured when terrorists threw a grenade in a crowded flea market in the heart of the city.

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Jammu and Kashmir Chief Minister Omar Abdullah on November 3 condemned the grenade attack near a busy Sunday market in Srinagar and said there could be no justification for targeting innocent civilians.

According to reports, at least six people were injured when terrorists threw a grenade in a crowded flea market in the heart of the city. The injured have been shifted to Shri Maharaja Hari Singh Hospital (SMHS).

In a post on X, Abdullah said the last few days have been dominated by headlines of attacks and encounters in parts of the valley. “Today’s news of a grenade attack on innocent shoppers at the ‘Sunday market’ in Srinagar is deeply disturbing,” he added.

The security apparatus must do everything possible to end this spurt of attacks at the earliest so that people can go about their lives without any fear, the Jammu and Kashmir Chief Minister said.

The incident took place near the heavily guarded Tourist Reception Centre (TRC), occurring one day following the elimination of a top Pakistani commander of Lashkar-e-Taiba (LeT) by security forces in the Khanyar locality of downtown Srinagar.

Authorities have dispatched police and paramilitary forces to the scene to evacuate the injured and initiate a search operation for the terrorists. The explosion triggered panic in the area, causing shoppers to scramble for cover.

Meanwhile, Congress leader Ravinder Sharma said that this was a conspiracy to disturb the atmosphere in the valley. Such incidents have increased ever since elections have been held and the new government has been formed, he claimed. He prayed for the well-being of those injured in the attack.

Calling for strict actions, the Congress leader said such attacks prove that the militancy is still there in the valley, adding the central government has the entire law and order and security apparatus in its hand.

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