The economy in India is in a shambles at this time. Former Prime Minister of India Manmohan Singh has said that if we want to improve the economy of India, then we have to take steps for this.
If we do not take steps to improve the economy in time, India’s difficulties may increase even more in the days to come. Former Prime Minister Manmohan Singh said these things to the BBC.
At this time, the worldwide economy has crumbled. And with this, India’s economy is also not untouched. In view of this, former Prime Minister Manmohan Singh has given suggestions to the government.
People will have to give money directly into their hands
Speaking to the BBC, Manmohan Singh said that if we have to maintain people’s spending capacity, their jobs have to be saved.
At the same time, direct money has to be transferred to their accounts. So that their spending capacity remains. Former Prime Minister Manmohan Singh said that if people do not have the ability to buy, then it is difficult to uplift the economy. Because this will cause a huge drop in demand. And the economy will slow down.
Let us tell you for information that the Congress party is continuously asking the Modi government to transfer ₹ 7500 to the account of the people. Earlier, Congress had promised to give ₹ 72000 annually to every person during the 2019 Lok Sabha elections.
Government should bring good credit guarantee scheme
Manmohan Singh gave another suggestion about the economy and said that the government should come up with a good credit guarantee scheme. This will make it easier for industries to get loans. It is becoming increasingly difficult for banks to lend at this time. Because banks are also struggling due to huge losses and NPAs.
Manmohan Singh said that if we have to raise the industries again, a credit guarantee scheme will have to be introduced. And it also has to be effectively implemented. Only then can the economy be elevated.
Institutional autonomy required
Manmohan Singh said that institutional autonomy is necessary if we have to improve the economy.
Former Prime Minister Manmohan Singh said that we have to give institutions the right to take their own decisions. If the government interferes with business establishments, this will also affect their decisions. And this will shock the economy. In such a situation, it is important that we give government institutions the freedom to take their own decisions.
Rahul Gandhi is attacking the government for the economy
Let us tell you for information that former Congress president and current MP Rahul Gandhi is constantly besieging the Narendra Modi government regarding the economy. Rahul Gandhi says that the Narendra Modi government did not take decisions in time. This is why the economy is going through a difficult phase at the moment.
Rahul Gandhi said that the government has sold almost all government institutions. Still the government has no money. Let us tell you for information that in front of a committee of GST counseling, the government had said that the government does not have the money to give the GST money to the state governments.