Before casting their ballots in the last round of the 2024 Lok Sabha election, Punjab voters heard an impassioned speech from former prime minister Dr. Manmohan Singh, 91, urging them to seize this “last chance to ensure our democracy and Constitution are protected from repeated assaults by a despotic regime.”
Dr. Manmohan Singh Briefs About the Sociopolitical And Economic Events
The longtime Congress politician bemoaned in a three-page open letter the “unimaginable turmoil” that the Indian economy has seen during the last ten years, namely during the two mandates of Prime Minister Narendra Modi and the BJP.
Dr. Singh, who served as both the Reserve Bank’s governor and the Finance Minister when the Indian economy was liberalized in 1991, gave a brief overview of the most significant sociopolitical and economic events from the previous ten years as well as the two terms of his Congress-led UPA government.
The Concerning GDP Stats
An expectation of poor six to seven percent GDP growth has become the new normal as a result of the disastrous demonetization process, a defective goods and services tax, and the excruciating mishandling of the COVID pandemic, according to Dr. Singh.
“The average GDP growth during the BJP government has fallen to less than 6%; under the Congress-UPA administration, it was roughly 8% (New Series). The former prime minister stated that inequality has significantly increased and is currently at a 100-year high due to unprecedented unemployment and unchecked inflation.
The World Bank reports that during the UPA administration, GDP growth peaked at 8.5% in 2010 and reached a low of 3.1% in 2008 (during the global financial crisis). It has risen to 9.1% in 2021, the highest point in the ten years, and fallen to -5.8% during the pandemic.
Coincidentally, the Congress tweeted Dr. Singh’s letter on X about one hour after the central bank published its annual report, predicting 7% real GDP growth in FY2024–2025.
A State Bank of India report released last week estimated overall growth for FY2023/24 at 8%.
In contrast, Dr. Singh stated that “BJP misrule has resulted in depletion of household savings to historic 47-year low”; in FY2022/23, households’ net financial savings fell to a five-year low of ₹ 14.2 trillion, or 5.3% of GDP. The UPA “despite challenges, had increased purchasing power of our people”.
But (except for the pandemic years), the same percentage was between seven and eight percent from FY2011/12 to FY2021/22.
Dr. Manmohan Singh On Elections
Votes will be cast in all 13 Lok Sabha seats in Punjab. Despite being a member of the INDIA group alongside the government AAP, the Congress is running for every seat, creating a “friendly-fire” election.
Reminding the border state and its people of their warrior spirit, the seasoned Congressman stated that at this moment in history, their “indomitable courage and innate belief in the democratic ethos of inclusivity, harmony, and brotherhood” are necessary to “protect our great nation.”
“People from Punjab are fighters. He lamented the BJP government for having “left no stone unturned in castigating Punjab, Punjabis, and Punjabiyat,” adding, “We are known for our spirit of sacrifice.”
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