High Unemployment in India Due to Government’s ‘Thoughtless Demonetization Decision’: Manmohan Singh | India News

THIRUVANANTHAPURAM: Attacking the Center, former Prime Minister Dr Manmohan singh Unemployment is high in the country on Tuesday and its informal sector is in shambles following the “reckless demonetization decision” made by the BJP-led government in 2016.
He also criticized the central government for failing to hold regular consultations with states.
Inauguration of a peak of development virtually organized by the Rajiv Gandhi Institute of Development studies, an economic think tank aligned with congressional ideology in Kerala tied to the polls, Singh said the temporary measures taken by the Indian government and the Reserve Bank to mask the credit problem cannot blind us to the looming credit crisis that could affect small and medium sector.
“Unemployment is high and the informal sector is in ruins, a crisis precipitated by the thoughtless demonetization decision taken in 2016,” he told “Pratheeksha 2030”.
The summit was organized to launch a Vision document, a framework of ideas for the development of Kerala well in advance of the national elections.
He said that in Kerala and many other states, public finances are in turmoil as states have to resort to excessive borrowing, which creates an intolerable burden on future budgets.
“Federalism and regular consultations with states, which was the cornerstone of India’s economic and political philosophy as enshrined in the Constitution, no longer find favor with the current central government,” he said. he declares.
Singh said that while Kerala’s social standards are high, there are other areas that need strong attention in the future.
“There are many obstacles to overcome that the state must overcome. The global slowdown of the past two or three years, compounded by the pandemic, has made Kerala’s global interface more fragile.
“While the increased use of digital ways of working can keep the IT sector afloat, tourism has been hit hard and the speed at which the pandemic is galloping in Kerala poses challenges for this industry,” Singh said.
Noting that the focus on health and education has enabled Kerala to take advantage of employment opportunities elsewhere in the country and in all parts of the world, Singh said this has led to an increasing flow of remittances from abroad which has created a booming real estate sector and strong growth in the service sector, driven by tourism and information technology.
“In the midst of all this gloom, I see the UDF’s unwavering adherence to planned growth with a clear sense of direction and concern for the common man a beacon of hope, not just for Kerala, but for the whole country, “he said.
“When I presented the national budget in 1991 as Minister of Finance, I quoted Victor Hugo, who had said:” Nothing is more powerful than an idea whose time has come “.
I have a feeling that the unanimity and clarity displayed by the UDF on the way forward will lead to the arrival of the moment for the idea of ​​Kerala this year, ”he said.