Savarkar, GDP and Sitharaman Retort: What Manmohan Said in Mumbai

Singh responded to Sitharaman’s comment that public sector banks had the “worst phase” under him and Raghuram Rajan.

Former prime minister and Congress leader Manmohan Singh. 

(Photo: PTI)

Addressing an interaction session with media, industry representatives and common people, including PMC bank depositors, former prime minister Manmohan Singh spoke on issues related to the economy and beyond.

He also took the opportunity to respond to Finance Minister Nirmala Sitharaman's comment that the Indian public sector banks had the "worst phase" under the former PM and former RBI governor Raghuram Rajan.

"The government is obsessed with trying to lay blame on opponents. By doing so they may score debate points but that will not amount to solutions," he said.

When asked if the government has reached out to him on the issue of slowdown in economy, Singh replied with a curt, "I have not been that fortunate".

On GDP and Slowdown in Economy

Commenting on the slowdown in the economy, the former PM said that the government's apathy is affecting the aspirations and future of Indians.

He predicted that under the present circumstances, the GDP growth will stay restricted in the the range of 5.5 to 6 percent.

He also ruled out the possibility of India becoming a $5 trillion economy, asserting that to achieve the feat, the growth rate needs to be at 10-12 percent.

Asked to point out faults in the present government's handling of economy, he said that its obsession with low inflation is inflicting misery on farmers. The government's import-export policies are also hurting, he added.

He further pointed out that while the corporate tax cut is a beneficial move, the problem in the economy lies with the demand side and thus a cut in indirect tax would have helped more.

On the economic situation in Maharashtra, the former PM was quoted by PTI as saying:

“Business sentiments (are) down across Maharashtra, many units face closure... Maharashtra has had the highest factory shutdowns in the last five years... The BJP governments at the Centre and in Maharashtra are unwilling to adopt people-friendly policies.”

Manmohan Singh

Notably, the depositors of the crisis-hit PMC bank also handed out a letter to Singh, requesting him to issue directions to the concerned authorities to commence bank operations. "We expect some commitment from the government/RBI that each and every depositors' money is safe," the letter further stated.

On Patriotism and Political Issues

The Congress leader went on to say that the party does not need a certificate on patriotism from the BJP-RSS.

Singh also commented on the ED action against senior NCP leader Praful Patel, who has been summoned by the agency on 18 October.

“ED has more power and teeth than ever before. I hope political vendetta won’t be used to settle scores with people of different political hues,” he said.

Singh also made a reference to VD Savarkar, after the Maharashtra BJP raised the demand for Bharat Ratna to be given to him, saying that former PM Indira Gandhi had issued a postage stamp in commemoration of Savarkar.

We are not against him but we don't agree with his ideology and the brand of Hindutva he patronised, Singh went on to point out.