Manmohan Singh says Moody's India rating upgrade does not mean economy is out of the woods
The NDA government should not be 'lured into false belief' that the economy is out of the woods, former prime minister Manmohan Singh said on Saturday
Kochi: The NDA government should not be "lured into false belief" that the economy is out of the woods, former prime minister Manmohan Singh said on Saturday, reacting to the Moody's upgradation of India's sovereign credit rating.
The US-based agency upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising
levels of debt.
"I am glad that Moody's has done what they have done but we must not be, I think, lured into false belief that we are out of the woods," he said, reacting to a query on Moody's rating, in Kochi.
The economy needed strong purposeful guidance to move forward at the rate which the government itself says they want the country to move eight to 10 per cent, Singh said on the sidelines of a national seminar on 'Macro Economic Developments in India: Policy Perspectives' organised by the Economics Department of St Teresa's College, Ernakulam.
His comments came in the wake of finance minister Arun Jaitley terming the Moody's upgrading India's sovereign rating after 13 years as "belated recognition" of reforms undertaken.
Singh also cautioned that the soaring prices of the crude oil could "hurt the fiscal system" of the country.
"Now the crude oil prices are $62-64 whereas few months ago, they were about 40-45. So it can hurt balance of payment. It can also hurt the fiscal system as well," Singh said.
Asked how different he would have implemented the GST, Singh said there was "undue haste" in implementing the new taxation system and blamed the bureaucracy for its lack of preparedness.
"Both in administration and implementation, I think there is much to be desired and the very fact that the council has met so many times, they have now reduced rates of 211 items."
That showed that there was undue haste in implementation and the bureaucracy had not done its homework, he said.
BJP MLA and former speaker Kailash Meghwal had recently written in a letter to BJP chief Nadda, that the Leader of Opposition Gulabchand Kataria has damaged the saffron party with his comments on Rajput ruler Maharana Pratap and Lord Ram
Protests for 3rd straight day over Namaz room in Jharkhand House, BJP demands 30 mins for Hanuman Chalisa
BJP MLAs sat on the stairs at the entrance of the Assembly and chanted the Hanuman Chalisa. 'I am pained. The Chair is not a subject of mockery,' rued Speaker Rabindra Nath Mahto
He has won several awards such as the president's police medal, police medal for meritorious services, Shiromani Sikh Sahitkar Award and Sikh scholar award