A man who witnessed the economic failures of Indira & Rajiv Gandhi, he always has been Congress's hope to revive the economy. He himself was the PM for 10 long years, sitting on pile of scams

I present you my #Thread on biggest Economic blunder in India's history, Manmohan Singh

Lets see chronology

-1972-1976 Chief Economic Advisor of India
-1982-1985 RBI Governor
-1985-1987 Deputy Chairman of Planning Commission
-1991-1996 Finance Minister of India
-2004-2014 Prime Minister of India

Quite an illustrious career, but we need to see wat did India achieve

His first stint as Chief Economic Advisor came in 1972 after big announcement of Garibi hatao. Probably these 4 years frm 1972-76 were worst in India's history

Indira took draconian decisions like Bank Privatisation, Insurance Privatisation, Privy purse abolition, Income tax 98%

1973 Inflation 22%
1974 Inflation 20%
1975 Inflation 25%

A conspiracy theory says, Indira had imposed Emergency to hide her economic failures, there was huge unemployment, farm crises and labours were worst affected, chaos in India. Even in pandemic we r doing better than Indira

After Emergency was imposed the economy came to halt, market and industry worst affected and the inflow of investment had stopped

One may argue, this was Indira's failure, but then you have to ask, what was the Chief Economic Advisor of India doing? Just watching the disaster

1982-1985 RBI Governor

India desperately needed economic reforms like liberalisation & getting private sector rolling. But Congress was opposed to private sector which caused economic slow down & made tough for reviving economy.
RBI didn't take any decision to attract investment

1985-1987 Dy. Chairman of Planning Commission

Financial advisor to Rajiv Gandhi, they decided to implement some fancy reforms to revive the GDP growth, make India an attractive investment destination for foreign players. Looks ambitious, but the question is, Did it work?

Ambitious economic policies which look fancy from outside, led to a total economic collapse by 1989.
Growth rate was planned for 5%, exceeded to 6% p.a but fiscal deficit was 7% of GDP which led to total collapse by 1991.
Yes, Manmohan was equally responsible along with Rajiv

Due to the fancy economic policies and so called technology revolution of Rajiv Gandhi like computers, television, radio, etc led to huge imports from foreign countries & created a huge trade account deficit. This should have been planned in better way to avoid economic crisis

1991 Finance Minister of India

Manmohan is often described as hero of economic reforms and liberalisation of the economy. Pliable media has hundreds of articles but no one told u that IMF gave the loan under certain conditions like liberalisation & the list as highlighted below

From one of my old tweet, I had mentioned that India's GDP in 1990 was $320 billion which grew to $384 billion by 1996. Where as in the same period China grew from $360 billion to $864 billion.

This was the first biggest battle lost to China and we never recovered thereafter.

Btwn the debate of who should get credit for 1991 economic liberalisation, whether its IMF or Manmohan, here is a third person who is asking for credit, which is his fav task

I think we should give him credit (for the sake of giving )

2004 Prime Minister of India

We know how failed PM he was, lets not go in details but I would like to highlight few points which are twisted by pliable media.

"GDP growth rate of 2009 to 2011 makes him the best PM with faster growth rate "

2008 to 2011 check India vs China

There was a huge gap between India and China, two emerging countries were growing, but China was absolutely flying, in 2008 when recession had hit, India down to 3% China grew at 10%

This is shocking, coz Congress said world economy was affected then why China was not affected

Now comes the golden period of India wid 8.5% growth, often this figures are compared with current Modi gov and you can still see that China was growing beyond 11%

My assumption says wealthy ppl from West were investing in Asia, max investment went to China, India lagging behind

By 2016, under the regime of Chaiwala & Jaitley ji, the tables were turned and now India has surpassed China in GDP growth rate, something which Congress couldn't achieve for last 30 years under guidance of great economist Manmohan
Since then its neck to neck btwn India & China

Why India failed to achieve its economic objectives from 2004 to 2014, here is the list of scams which shook the country and created a negative perception and rating of India in western countries.

Some say Manmohan was clean, then why was he watching the financial assault

Finally I will conclude my thread by echoing the same words, name one significant financial reform which was undertaken in Manmohan's era as PM or FM of India

Manmohan Singh as an economist is highly overrated by the Left ecosystem & the pliable media.

See for urself & decide.

Apologies for the error, by mistake I wrote 'Privatisation' for 'Bank Nationalisation'. It God knows how did that error occur.

Thanks for your understanding and support https://twitter.com/AparBharat/status/1307639577822326785?s=19