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Centre uble to benefit from favourable global economic conditions'

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  13 Feb 2016 12:00 AM GMT

New Delhi, Feb 12: Former prime minister Manmohan Singh has criticised the Bharatiya Jata Party government at the centre for its economic policies, saying it has not been able to benefit from falling oil prices and “fortuitous circumstances” to boost the rate of investment in the country. “The economy is not in as good a shape as it could be, despite the fact that the situation today is much more favourable than it was when we, the Congress-led UPA, were in government,” Manmohan Singh said in an interview to the weekly ‘India Today’. This was his first wide-ranging interview since he demitted office after the Congress-led government he presided over for 10 years was voted out of power in 2014 general elections. He told the magazine that the shrinking of the economy was worrying him as “the government is not able to get its act together to persuade the business community to take advantage”. Manmohan Singh said oil prices had at the time (when the Congress was on power) gone up to $150 a barrel. “Today, they are close to $30 a barrel. This has significantly helped India’s balance of payments, the current account deficit has come down.” It has also helped the government reduce its fiscal deficit, he said. “In the hands of a purposeful government, this could be an opportunity to step up investment in the economy in a big way.” The former prime minister pointed out that the rate of investment in India now was “as low as 32 percent” - down three percent from 35 when the Congress was at the peak of its power. (IANS)

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