People have lost faith in government and officials and businessmen are scared: Manmohan

New delhi date. November 18, 2019, Monday

Former Prime Minister Manmohan Singh has expressed concern over the country's economy, saying that the growth rate has reached the minimum level of the last 15 years. Unemployment is at a high level of 45 years, domestic demand is at a four-decade low, NPA burden on the bank is at an all-time high, electricity demand has fallen to the bottom of 15 years, the stagnation of the economy is very serious.

He further said that he was not saying this as the leader of the opposition. He further said that the confidence of the people and government officials has been raised and big businessmen and officials are scared and due to this the economic downturn is not going away.

Manmohan Singh has said that many big businessmen in the country are feeling scared. They are afraid of the government system. Bankers are hesitant to make a loan due to a climate of fear.

Entrepreneurs are scared to start new plants and projects, scared due to technology startup surveillance. Officials of government agencies and organizations are afraid to speak the truth. These are the people who are acting like wheels in the cartons of the economy but everyone is afraid that the pace of development has slowed down.

An article in a leading newspaper clearly states that people's faith in all the institutions and government of the country has diminished. This is the main reason for the economic downturn. He said that the country's economy is reflecting the social status of the country.

This is an important factor for the economy, given how much the people of that country rely on the institutions there. The stronger the relationship, the stronger the foundation of the economy. Meanwhile, companies providing information technology services to India are likely to hire 30,000 to 40,000 middle-level employees this year.

The IT industry nominee, TV Mohandas Pai, said in a statement that the IT companies are considering reducing the number of employees due to slowing growth. According to former Chief Financial Officer (CFO) of Infosys, a leading IT sector in India, the number of employees is reduced to once in five years.