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Need well-conceived strategy to make India five-trillion economy: Manmohan Singh

Jaipur

Former Prime Minister Manmohan Singh on Saturday said a “well-conceived strategy” was needed to make India a five trillion economy.

“Presently, our economy seems to have slowed down. The rate of growth of GDP is declining. The Investment rate is stagnant. Farmers are in distress. The banking system is facing crisis. Unemployment is going up. We need a well-conceived strategy to make India a five-trillion economy,” Singh said while delivering a lecture at the 6th JKLU Laureate Award and HSS Memorial Oration here.

“I think the major long-term change would come from education and the rise of the middle class made possible by economic liberalisation. Since India liberalised its economy in 1991, millions of people have risen above the poverty line. Consumption pattern has done better, and the demand for education has grown. And finally, we come to the crux of my speech is how to strengthen the roots of democracy in India,” he stressed.
Former Prime Minister Manmohan Singh on Saturday said serving the federal structure, the institutions like the Supreme Court, Election Commission, CAG, CBI, Vigilance Commission, Information Commission constituted by the government are expected to function independently with the framework of the Constitution.

“We must always promote the objective to reduce crime and corruption, consolidate the rule of law, enhance credibility, and create an environment conducive for investment as an engine of growth,” Singh said.
“To strengthen our democracy, we need principled, knowledgeable and visionary leaders in times to come. It needs political parties committed to safeguarding values enshrined in our Constitution. For our continued unity, the government has to deliver justice, liberty, equality and an environment that respects contrary opinions. We have to respect the supremacy of Parliament and its procedures, the rules of the government and precedents.”

On communalism and religious fundamentalism, he said, “The division of people along ethnic and religious lines and the resulting assertion, posturing and chauvinism of such groups and ideologies, have often led to numerous clashes and riots that have resulted in terrible loss of life and property. Every conflict only serves to deepen the divide.”

Other significant challenges include widespread corruption due to defective governance, terrorism, naxalism and insurgency, rising regionalism, gender bias and discrimination, high rates of unemployment, education and skills development, to name a few, he underlined.

The former PM also suggested some solutions on striving for universal literacy and education, rooting out casteism, indulging in good and inclusive governance, empowering women and girl child, encouraging free and independent media, nutrition and accelerating economic growth.

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