Need to change society’s climate for economic growth: Manmohan Singh

Former prime minister Manmohan Singh on Friday said the state of Indian economy is deeply worrying and the GDP figures released on Friday showcasing sharp decline is clearly unacceptable. “GDP figures released today are as low as 4.5 per cent. This is clearly unacceptable. Aspiration of our country is to grow at 8-9 per cent. Sharp decline of GDP from 5 per cent in Q1 to 4.5 per cent in Q2 is worrisome. Mere changes in economic policies will not help revive the economy,” the former prime minister said.“We need to change current climate in our society from one of fear to one of confidence for our economy to start growing at 8 per cent per annum. State of economy is a reflection of state of its society. Our social fabric of trust and confidence is now torn and ruptured,” Singh said.