On October 15, at the event held in USA, Nirmala Sitharaman, the Finance Minister of India has shared a statement where she held Manmohan Singh and Raghuram Rajan responsible for the loss incurred by public sector banks and subjected them to their 'worst phase'
In response to the statement told by Nirmala Sitharaman, Manmohan Singh, the Indian economist and former Prime Minister of India has shared the same:
He said that the government of India is obsessed with trying to fix the blames on opposition instead of finding solutions. He also referred to the Punjab and Maharashtra Co-operative bank crisis as it has led to the loss of around 16 lakh investors. This is due to the fact that the BJP government was not willing to adopt people-friendly policies.
He further added that one needs to correct the current state of the economy and know about its ailments and causes instead of directly fixing the economy. This was said by Manmohan Singh at the press conference held in Mumbai during the run-up of Maharashtra election today.
The economic slowdown has affected the future of many Indians and many factories in poll-bound Maharashtra are facing closure situation. The economic mismanagement has also witnessed one of the biggest factory shutdowns in the Maharashtra region in the last five years and the opportunities have also become scarce.
Manmohan Singh has also shared some facts that highly educated youth is facing unemployment issues whereas investors are also seeking other states for better deals. Earlier Maharashtra used to be known as the No.1 state in attracting investments and giving job opportunities on a large scale, but now it can be seen as the No.1 state in farmers committing suicides.
Both the former Prime Minister Manmohan Singh and Raghuram Rajan have been at the target of critics based on the economic policies of the government including the demonetization implementation.