Reforms Can Only Push India’s Scio Economic Growth: Ex-PM Dr Manmohan Singh

Bengaluru: Reforms are essential for a quick socio economic growth in the country and inequality is very likely to damage the principles of democracy if it continues in the present state in India, said former Prime Minister Manmohan Singh delivering his speech at inaugural ceremony of Bengaluru School of Economics in the state capital on Wednesday.

In his inaugural address, former prime minister said, liberalization, economic reforms undertaken during his tenures as union finance minister from 1991 to 96 and prime minister from 2004 to 2014 had supported common people to witness a change in their lives. However, the socio economic reforms undertaken are yet meet their objective as they still incomplete in their nature, he pointed out. At present, only new thoughts, reforms can only stimulate socio-economic growth in the country, Dr Singh opined.

Speaking on the occasion, former RBI Governor, Chairman of Madras School of Economics C Rangarajan said, India recorded a GDP growth rate of 9% in 2007-08 with a capital investment of 38%. As of now, capital investment has declined to 27% with a sharp decline in the GDP growth rate. The union government has to take measures to raise capital investment in the country to maintain the growth rate at around 9%, he added.