‘Unemployment high, credit crisis looming’: Manmohan Singh warns Modi govt

Former Prime Minister Manmohan Singh has warned the Modi government of a looming credit crisis that he said could badly affect medium and small industries.

He said that unemployment is high and the informal sector is in shambles.

The former Prime Minister also accused the Modi government of not consulting states on matters of the economy.

‘Federalism and regular consultation with states, which was the cornerstone of India's economic and political philosophy as enshrined in the Constitution, no longer finds favour with the present Central government,’ Singh said.

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