Indian economy is not in good shape is obvious, says former prime minister & Congress leader Manmohan Singh

A day before the government presents the Economic Survey, former Prime Minister and Congress leader Manmohan Singh on Monday released a document detailing the current scenario of the Indian economy, which he said was not in good shape.

Manmohan Singh, a former Governor of the Reserve Bank of India (RBI), has been critical of the Narendra Modi government`s decision to demonetise Rs 1,000 and Rs 500 notes.

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"Tomorrow is the day when the government will present its economic survey. We thought it is a good idea that we should also bring out a document which sets out what we consider is the real state of the economy. So that the country as a whole has the ways and means of assessing where the economy is, where it is heading to and what can be done to bring on the right path," said Manmohan Singh unveiling the "Real State of Economy", prepared by the Congress. 

"Indian economy is not in good shape is now obvious. The International Monetary Fund (IMF) has projected that the growth rate of India this current fiscal year will not be 7.6% but 6.6%. Several other agencies have made similar projections," said Manmohan Singh. 

"I will not comment on those projections, it is for you to assess what the truth is. This is a contribution to the ongoing debate on where our economy stands, where it is heading to and what is to be done to pull it in the right path," added Manmohan Singh.

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