Former Prime Minister Manmohan Singh has given a mantra to Prime Minister Narendra Modi to make the country a five thousand billion dollar economy. He has said that India can be made a five thousand billion dollar economy by making a strategy only by continuing economic reforms based on the policies of LPG i.e. liberalization, privatization and globalization. Significantly, as Union Finance Minister Manmohan Singh, in 1991, the policy of liberalization, privatization and globalization was implemented in the country. Singh was addressing a program at a private university in Jaipur. A group of students also raised slogans in support of Modi when the former Prime Minister was coming on stage for an address. In his address, the former Prime Minister said that poverty, social inequality, communalism and religious fundamentalism and corruption are some of the major challenges before democracy. At this time our economy seems to be slowing down. GDP growth rate is declining. The rate of investment is constant. Farmers are in trouble. The banking system is facing a crisis. Unemployment is increasing.
The country needs a well thought out strategy to make India a five thousand billion dollar economy. He suggested that the government should stop tax terrorism, respect the voices of divergent views and strike a balance at all levels of government. The need of the hour is to continue the economic reforms built on liberalization policies. Advocating to strengthen the roots of democracy in the country, Singh, a Rajya Sabha member from Rajasthan, said that the country needs principled, knowledgeable and visionary leaders in the coming times to strengthen democracy. The power of democracy is enshrined in the constitution and political parties must make a commitment to protect the values mentioned in the constitution.
The country needs a well thought out strategy to make India a five thousand billion dollar economy.
To maintain our unity, it is necessary that the government should provide an environment which respects different views along with justice, freedom and equality. He said that we have to respect the supremacy of Parliament and its processes. Institutions like the Supreme Court, Election Commission, CAG, CBI, Vigilance Commission, Information Commission are expected to function independently within the framework of the Constitution. He said that we should always work with the aim of reducing crime and corruption, strengthening the rule of law and creating an environment conducive for investment as an engine of growth.
Manmohan Singh has been honored with the JKLU Laureate Award 2019 in the program. Singh said that practical democracy certainly has an advantage over totalitarian rule. He cited the example of China in terms of economic development, saying that in countries like this where citizens are primarily asked to focus on economic growth and create an environment where the sacrifice of personal freedom is rightly is stopped. However, as the income starts increasing, the aspirations of the society also change and ultimately people want a democratic structure. The former Prime Minister said that the long run of independence is not a small cost.