'Hasty' GST to hit growth: Manmohan Singh

'Hasty' GST to hit growth: Manmohan Singh”

"Both will affect the informal sector and the small scale sector. These sectors are today responsible for 40 per cent of GDP".

Dr Singh's statement has come in the backdrop of India's slowest economic growth in last three years. "Ninety per cent of India's employment is in the informal sector", he said. The country recorded 5.7 per cent GDP growth during April-June. "So when 86 per cent of currency is withdrawn from circulation, plus GST, which was put in practice in haste. lot of glitches are now coming up, it was bound to affect GDP growth adversely", he said.

GDP growth has declined steadily for six straight quarters and the Economic Survey-II predicts that the economy may not be able to achieve the targeted growth rate of 7.5% owing to deflationary pressures.

Amid slum in GDP growth, Prime Minister Narendra Modi will interact with finance minister Arun Jaitley and other top officials on Tuesday to take stock of the situation and discuss remedial measures to bolster growth.

This is not the first time when Dr Manmohan Singh criticized the Centre's demonetisation move.

On November 25 a year ago, some two weeks after old 500 and 1,000 rupee notes were junked, Singh had in his Parliament speech termed demonetisation a "monumental mismanagement", "organised loot" and "legalised plunder" which would cause GDP growth to fall by 2 per cent. CAD has started inching up again - 2.4 per cent of GDP in Q1, against 0.6 per cent in the previous quarter. In the aftermath of the GST rollout too, Singh had told a meeting of the Congress Working Committee - the apex decision making body of the principal Opposition party that the economy was "running on just one engine of public spending". "The most worrisome aspect of all this is the impact on job creation". Inflationary pressures, along with reasons for the lacklustre manufacturing growth of 1.2% in July, may also come up for discussion, they said, adding that the meeting may also take stock of spread of monsoon and its impact on agricultural economy.

Like this


19 September 2017
Dominion Energy Midstream Partn (NYSE:DM) Experiences Heavier than Average Trading Volume
Currently, 491.43 million total shares are owned by the public and among those 0 million shares have been available to trade. More recent Dominion Energy Inc (NYSE:D) news were published by: which released: "Dominion Energy, Inc".

19 September 2017
InterContinental launches new mid-market hotel brand
Finally, Karp Capital Management Corp bought a new stake in Intercontinental Hotels Group in the 1st quarter valued at $8,584,000. Parametric Portfolio Associates LLC lifted its position in Intercontinental Hotels Group by 10.1% in the 2nd quarter.

19 September 2017
Should You Sell Pacific Premier Bancorp Inc Based On Current Broker Views?
It is positive, as 59 investors sold PSX shares while 382 reduced holdings. 65 funds opened positions while 110 raised stakes. Moreover, Perkins Investment Mgmt Ltd has 0.02% invested in CarMax, Inc (NYSE:KMX). (NASDAQ:PPBI) for 72,859 shares.

19 September 2017
Emmy Awards: 'SNL,' 'Big Little Lies' win big at Trump-flavored show
Best comedy series went to Veep , an Emmys favourite that pokes fun at the challenges faced by women in politics. Julia Louis-Dreyfus won her sixth Emmy in a row for her role as politician Selina Meyer in "Veep ".

19 September 2017
Prosecutors to argue Oscar Pistorius should get more jail time
He claimed Pistorius must have known that someone could be killed when he shot Steenkamp four times through a toilet door. Pistorius was initial slapped with a culpable homicide conviction, which was changed to murder following a State appeal .

19 September 2017
Cowboys coach Jason Garrett admonishes Ezekiel Elliott's lack of effort
The Denver Broncos has a defense, and a defense I wish the Dallas Cowboys had. "I felt like we left our offense out to dry". Prescott would have been picked off a lot more in the contest had it not been for some heads-up plays from his receivers.

19 September 2017
Tropical Storm Maria strengthens into hurricane
Maria is one of three storms churning in the Atlantic Ocean, but it poses the most danger to the hurricane-battered Caribbean. Kitts, Nevis, Montserrat, and Martinique - and hurricane watches have been issued for Puerto Rico, Vieques, Culebra, U.S.

19 September 2017
Manchester United defender Luke Shaw could make his comeback against Burton Albion
The 20-year-old McTominay is a beneficiary of Andreas Pereira's loan to Valencia, and has been promoted to the senior squad. But Shaw's return could give him another option despite struggling to ever really gain the manager's trust previous year .

19 September 2017
Colorado police searching for serial pooper
A Colorado mother says police need help to find a woman who was caught defecating on their sidewalk in front of her kids. According to Budde, the female jogger strikes about once a week and isn't ashamed of her mid-run bathroom break.

19 September 2017
British police arrest man linked to London tube bombing
The blast from the improvised explosive device caused burns for some passengers while others were injured in the blast's stampede. The "severe" threat level now in place means officials believe another attack is highly likely.