Jobless growth, rural indebtedness, urban chaos have made aspirational youth restless: Manmohan Singh

The former Prime Minister said knee-jerk reactions and off-the-cuff announcements of grandiose schemes and unproductive projects have manifestly failed to uplift the economy to its potential.

Published: 17th February 2019 07:43 PM  |   Last Updated: 18th February 2019 11:13 AM   |  A+A-

Manmohan Singh

Former PM Manmohan Singh (File | PTI)

By Express News Service

NEW DELHI: Asserting that domestic challenges of India’s economy were daunting in their complexity with devastating impact on society, former Prime Minister, Dr Manmohan Singh has said “jobless growth” has slipped into “job-loss growth”, which, together with rural indebtedness and urban chaos, has made the growing number of aspirational youths restless.

Hitting out at the government for failing to uplift the economy to its potential Dr Singh in his convocation address at the Delhi School of Management on Sunday said “grave agrarian crisis, declining employment opportunities, the pervasive environmental degradation, and above all, the divisive forces at work” were some of the challenges facing the nation today.

“Needless to stress, it is a testing time for our democratic spirit, our patience and tolerance, our capacity of managing contradictions, our resolve of ensuring inclusive growth ‘ a strong, equitable and sustainable growth,” he said.

ALSO READ | India will never compromise with terrorist forces, says former PM Manmohan Singh

The attempts at creating additional job opportunities in the industrial sector have failed as industrial growth is not picking up fast enough, he alleged.

In a scathing attack on the government, Singh said the small and unorganised sectors which were vibrant and contributing to the generation of wealth and employment opportunities have grievously suffered in the wake of the "disastrous" demonetisation and "slipshod" introduction and implementation of the Goods and Services Tax (GST).

"Well thought-out policy and implementation strategies are required to stimulate industrial and commercial sectors. Knee-jerk reactions and off-the-cuff announcements of grandiose schemes and unproductive projects have manifestly failed to uplift the economy to its potential," he alleged.

Singh said one of the areas of major concern in the endeavours to promote employment-oriented industry is the gap between the skills that the industry needs and the skill-sets that the graduating students possess.

READ HERE | Former Union Finance Minister Yashwant Sinha claims economical data being manipulated by BJP government

He alleged, the attempts at creating additional job opportunities in the industrial sector have failed as industrial growth is not picking up fast enough, while suicides of farmers and frequent farmer agitations reflect the structural imbalances in our economy which call for serious in-depth analysis and political will to address them.

Dr Singh said one of the areas of major concern in the endeavours to promote employment-oriented industry is the gap between the skills that the industry needs and the skill-sets that students possess.

Attacking government policies, Dr Singh said the small and unorganised sectors which were vibrant and contributing to the generation of wealth and jobs have grievously suffered in the wake of the “disastrous” demonetisation and “slipshod” implementation of the Goods and Services Tax (GST).

He said, “... Knee-jerk reactions and off-the-cuff announcements of grandiose schemes and unproductive projects have manifestly failed to uplift the economy to its potential,” he alleged.

Dr Singh said, “We are living in a fast-changing world. On the one hand we are getting more and more integrated with the world economy and consequently being exposed to the global markets, and on the other hand, we face massive economic and social challenges at home,” said Singh, who was the prime minister from 2004-2014.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments(2)

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

  • P S Jawadekar

    On all economic parameters NDA is much better than UP A.MMS has forgotten how he ran economy when he was PM.On what basis he says India will become 3rd largest economy by 2030
    1 month ago reply
  • Parthasarathy S

    For 3 consecutive years
    1 month ago reply
flipboard facebook twitter whatsapp