'All-around mismanagement' by Modi govt has caused economic slowdown: Manmohan Singh
New Delhi, Sep 01: Former Prime Minister Manmohan Singh on Sunday said the state of the economy was "deeply worrying" and that "all-round mismanagement" by the Modi government has resulted in this slowdown.
In a statement, he said the last quarter GDP growth rate of 5 per cent signals that "we are in midst of a prolonged slowdown".
''The state of economy today is deeply worrying. Last quarter's GDP growth rate of 5% signals that were in midst of a prolonged slowdown. India has potential to grow at a much faster rate but all round mismanagement by Modi govt has resulted in this slowdown,''Congress leader said.
Singh said it is particularly distressing that the manufacturing sector's growth is tottering at 0.6 per cent.
''It is particularly distressing that the manufacturing sector's growth is tottering at 0.6%. This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST,'' Congress leader said.
''India cannot afford to continue down this path. Therefore, I urge the govt to put aside vendetta politics and reach out to all sane voices and thinking minds to steer our economy out of this man-made crisis.''he added.