Central govt doesn't recognise economic slowdown, says Manmohan Singh

Former Prime Minister Manmohan Singh on Wednesday said that the BJP-led central government does not recognise that there is an economic slowdown in the country.

"We have a government today which does not acknowledge that there is such a word called slowdown," said Manmohan Singh at the launch of Montek Singh Ahluwalia's book 'Backstage: The Story Behind India's High Growth Years'.

He also said, "If you can't recognise the problems you face, you are not likely to find credible answers to take corrective action."

The former PM said, "There is a need for tax reforms in a much bolder way because in our country if you look at the real picture the real fiscal deficit of the centre-state combined is as high as 9 percent and that's not good."

During the event, the former Prime Minister recounted the days when India achieved liberalisation.

He said, "If Montek Singh Ahluwalia and P. Chidambaram had not been part of the Ministry of Commerce then the revolution in 1991 would not have had happened."

He also said that in 1990s, the dominant opinion was not in favour of reforms. "Business community, like the Bombay Club was formed to see that India does not move in the path of liberalisation," he said.