Manmohan Singh address financial slowdown in an event in Mumbai

Manmohan Singh at the meet yesterday. Pic/Sneha Kharabe

Former Prime Minister Dr Manmohan Singh cleaved into the Bharatiya Janata Party (BJP) at a Congress meeting called 'Words of Wisdom on the Indian Economy.' The event, which was packed to the rafters, was held at the Mumbai Cricket Association (MCA) lounge next to the Wankhede Stadium in Churchgate on Thursday afternoon.

State-us woe

Singh said he was "honoured to be in India's financial capital, a place where the Indian National Congress (INC) was launched. "Mumbai pays 1/3rd of India's direct tax collection. It is a true cosmopolitan hub and the city of dreams." Singh slammed the present government's "incapability and apathy which is responsible for the slowdown. Mumbai and Maharashtra have borne the brunt of this and are worst affected. The manufacturing growth rate has declined and we see the highest number of factory shut downs in Maharashtra."

Singh pointed to the "gloom prevailing in the auto hub of Pune, with similar problems in Nashik, Aurangabad and Amravati. Economic mismanagement has led to business sentiment being down." On unemployment specifically he did not mince his words saying, "Every third person here is jobless and there is a dearth of opportunities in the state." He rounded this off saying that at one time, "the state was No 1 in attracting investments, today it is No. 1 in farmers' suicides."

Blame game

The former PM, who was called 'Maun-mohan' Singh, for his silence by BJP leaders certainly did not live up to that label here. Training his guns directly at the government, Singh said that the BJP was unwilling to "adopt people-oriented policies." A statement that sent the hall into raptures was his summing up of how one has to fix the economy. "Before we can fix the economy, we need a correct diagnosis of the ailment." Singh claimed at several times in his speech that the current government was "focussed on blaming the Congress but unable to find solutions."

He even brought in the infra aspect explaining, "during my tenure I worked with several leaders from Maharashtra who were extremely committed. The Bandra-Worli Sea Link (BWSL) is an example of the result of good governance." As he came to the end of the talk, Singh said that the Congress-NCP combine alone would "ensure progress, because our policies are inclusive, people-oriented and designed for the welfare of all. Jai Hind." Then the session opened up for a robust Question and Answer session.

Desperate depositors

In the interactive session, a large number of Punjab and Maharashtra Co-Operative Bank (PMC) depositors were literally pleading with the economist to show them a way forward. Singh said, "Appeal to the CM, PM and the FM. They need to look into this and resolve the grievances of those affected. Depositors have to be heard immediately and must have redressal. We expect the government and the Reserve Bank of India (RBI) to get their act together and provide a credible, pragmatic solution." Singh said the issue, "must come up when the Parliament meets in November. The National Relief Fund of the PM should be used to help in cases of kidney transplant patients whose money is stuck with the bank."

To a query about whether the government had reached out to him and sought his advice on economic issues, the politician said dryly, "I have not been so fortunate,' as laughter rang out. The Congress leaders sought to control the questions and conceded that they will be looked on as villains because they were forced to bring the Q & A session to a halt.

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