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Early to conclude economic recovery from note ban, GST impact: Manmohan Singh

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Surat, Dec 2 (IANS) Former Prime Minister Manmohan Singh on Saturday said it was too early to conclude that the economic slowdown has reversed as the 6.3 per cent growth rate in the July-September quarter did not take into account the small and medium sector which suffered huge losses in the aftermath of demonetisation and hasty implementation of GST.

He welcomed the 6.3 per cent growth rate in the July-September quarter but cautioned that it was too early to conclude that the economy has recovered.

“(It) is too early to conclude that this represents a reversal of the declining trend observed in the previous five quarters. Some economists believe that the CSO which released the figures has not adequately captured the impact of demonetisation and GST on the informal sector that accounts for about 30 per cent of the economy,” Singh said addressing professionals and businessmen here in the election-bound state.

He quoted renowned economist Govinda Rao identifying a “problem” with the calculation of manufacturing growth based on corporate results.

“This doesn’t take into account the small and medium sector which suffered the most after demonetisation and the launch of GST. A couple of big worries remain. Farm sector growth fell to 1.7 per cent from 2.3 per cent in the previous quarter and 4.1 per cent in the same quarter last year,” Singh said, citing Rao.

He said that after farming, job losses have been the most in the construction sector.

Singh criticised the BJP government’s economic policies, particularly the “coercive steps” of note ban and the Goods and Services Tax (GST) that cost the nation hugely and “broke the back of businesses”.

“We saw the impact of demonetisation on the economy when the GDP growth dropped to 5.7 per cent in the first quarter of 2017-18 under the new calculations. Even this is bound to be a gross underestimate as the pain of the informal sector is not adequately captured in the GDP calculation.

“Every one per cent loss of our GDP growth rate annually costs our nation Rs 1.5 lakh crore. Think of the human impact from the lost growth — the lost jobs, the youth whose opportunities have vanished, the businesses who had to shut down and the entrepreneurs whose drive to succeed has turned into discouraged disappointment.”

Singh said that the decline in farming and construction sectors was despite the fact that the government had front loaded its spending on projects, “forcing up our fiscal deficit to a high of 96.1 per cent of the Rs 546,432 crore target set for the full year”.

“This means that private spending on construction has been very dismal… Thus there is still considerable uncertainty about the growth of GDP. The RBI forecasts that growth in 2017-19 will pick up to 6.7 per cent. However, even if growth reaches 6.7 per cent in 2017-18, Modiji’s four year average growth rate will be only 7.1 per cent.

“To equal the UPA’s 10 year average, the economy will have to grow at 10.6 per cent in the fifth year. I would be happy if this were to happen, but frankly I do not think it will.”

The former Prime Minister said while Modi claimed to understand Gujarat and the poor “more than anybody else”, how was it that “he never understood the pain his decisions unleashed”.

He hailed the people of Surat city, renowned world over for the diamond and the textile industries, and said it was one of the worst sufferers of note ban and GST.

“It is no wonder that Surat voiced the biggest protests in India against this injustice by the NDA government. You after all come from the land of two great souls — Mahatma Gandhi and Sardar Patel. When the Mahatma decided to protest against the unjust British tax on salt, he did it from your backyard in Dandi. Standing up for injustice is in your blood and you raised your voice against the shoddy implementation of GST,” he said.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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