Former Indian Prime Minister Manmohan Singh has spoken over riots happening in Delhi.
He has warned of “social disharmony, economic slowdown and a global health epidemic” facing the country.
He wrote in an Indian newspaper, “The current situation is very grim and morose,”
The article has been written as per the ongoing situation happening in India.
Manmohan Singh has also shown the threat of coronavirus outbreak in the country.
Note that riots in Delhi had resulted in 50 casualties. Riots occurred during protests arranged against the controversial citizenship bill.
Former Prime Minister wrote, “The India that we know and cherish is slipping away fast. Wilfully stoked communal tensions, gross economic mismanagement, and an external health shock are threatening to derail India’s progress and standing,”
“This potent combination of risks may not only rupture the soul of India but also diminish our global standing as an economic and democratic power in the world”.
He added that it was “well-accepted” that the lack of new investment from the private sector only mentioned a “floundering” economy.
“Social harmony, the bedrock of economic development, is now under peril. No amount of tweaking of tax rates, showering of corporate incentives or goading will propel Indian or foreign businesses to invest when the risk of eruption of sudden violence in one’s neighborhood looms large.”
Apart from that, he also fewer jobs and lower-income will be resulted due to lack of investment.
“A lack of demand will only further suppress private investments. This is the vicious cycle that our economy is stuck in.”
“India’s economic growth was already tepid and this external health shock is bound to make things much worse.”