New Delhi, Feb 17 : Blaming the 'disastrous demonetization' and 'slip-shod introduction and implementation of GST' for inflicting a grievous damage to the small and unorganized sectors which were vibrant and contributing to generation of wealth and employment opportunities, former Prime Minister Manmohan Singh on Sunday said 'Kneejerk reactions' and 'off the cuff announcements' of 'grandiose schemes' and 'unproductive projects' had failed to uplift the Indian economy to its potential.
Delivering the convocation address at Delhi School of Management, Dr Singh said that a well thought out policy and implementation strategies were required to stimulate industrial and commercial sectors.
Terming grave agrarian crisis, the declining employment opportunities, the pervasive environmental degradation, and divisive forces at work as among the daunting challenges faced by the Indian economy, the former Prime Minister said, 'Suicides of farmers and frequent farmer agitations reflect the structural imbalances in our economy which call for serious in-depth analysis and political will to address them. The attempts at creating additional job opportunities in the industrial sector have failed as industrial growth is not picking up fast enough. The jobless growth slipping into ‘job-loss growth’ together with rural indebtedness and urban chaos have made the growing aspirational youth restless.
The small and unorganized sectors which were vibrant and contributing to generation of wealth and employment opportunities have grievously suffered in the wake of the disastrous demonetization and slip-shod introduction and implementation of GST. Well thought out policy and implementation strategies are required to stimulate industrial and commercial sectors. Kneejerk reactions and off the cuff announcements of grandiose schemes and unproductive projects have manifestly failed to uplift the economy to its potential.'
Speaking on the economic and social challenges facing the country, Dr Singh said, “ we are living in a fast changing world. On the one hand, we are getting more and more integrated with the world economy and exposed to the global markets, and on the other hand we face massive economic and social challenges at home. Changing equations among global powers and fluctuations in the markets for petroleum products and other industrial commodities and the financial markets affect our economy more than ever before.
The global warming is causing severe unforeseen natural calamities. They impact on the everyday life of our people, especially the vulnerable sections of society. Not only Governments and political leaders but captains of industry and business managers also have to be necessarily aware of the impact of external factors while pursuing their investment and operational strategies.'
Terming the gap between the skills that the industry needs and the skill-sets that the graduating students possess as one of the areas of major concern in India's endeavours to promote employment oriented industry, Dr Singh said promoting innovation, excellence in teaching and research, improving quality, and fostering excellence in institutions of higher education are our national priorities.
' A good educational institution not only minimizes these gaps but also proactively prepares its students to meet the requirements of the present and the foreseeable future. Promoting innovation, excellence in teaching and research, improving quality, and fostering excellence in our institutions of higher education are our national priorities. Vigorous and continuous Institution-Industry Interface goes a long way in improving this teaching-learning process,'Dr Singh said. (UNI)