Manmohan Singh on demonetization

New Delhi, June 06: Manmohan Singh, who is the former prime minister has said that the country's growth has slowed down mainly because of demonetization and the economy is running on just one engine of public spending. He said here on Tuesday

Manmohan expressed serious concern over the situation, particularly the impact on job creation.

Singh, in his intervention at the Congress Working Committee (CWC), meet, talked about the decline in the economic growth as depicted in the last quarter GDP numbers.



He said the slowdown was primarily due to demonetization announced the by Prime Minister Narendra Modi on November 8 last year.

He said the Gross Value Addition (GVA) is the true sub-measure of economic activity and it has experienced a steep and sustained fall.

"Private sector investment has collapsed and the economy is running on just one engine of public spending," he said