Manmohan Singh attacks Modi government; says economy in bad shape, growth rate to be less than 6.6%

New Delhi: Attacking the Modi government, former Prime Minister Manmohan Singh on Monday said the Indian economy was not in a good shape and that the growth rate for the current fiscal would be less than 6.6 percent.

Releasing 'State of the Economy' with former FM P Chidambaram, Manmohan Singh said even the International Monetary Fund (IMF) had cut India's economic growth forecast due to note ban.

Singh also said that rating agencies have downgraded the Indian economy.

Earlier in January, the IMF cut India's growth rate to 6.6 percent from 7.6 percent due to impact of demonetisation taken by the Modi government in November.

Addressing the media, Chidambaram the document released candidly, truthfully assesses the state of India's economy, supported by hard research, data.

The document released candidly, truthfully assesses the state of India's economy, supported by hard research, data: P Chidambaram pic.twitter.com/D58kDsKzMF — ANI (@ANI_news) January 30, 2017

The former FM also said that the UPA government, during its first five year rule had given 8.5 percent growth rate. And despite the global recession during the second term of the UPA rule, the government had given a good growth rate, he added.

During the 10 year rule, the UPA government delivered a 7 percent growth rate, Chidambaram added.

Chidambaram also questioned the Modi government on jobs, capital investment and credit growth.

"Where are the jobs? Where is new capital investment? Where is credit growth?", he questioned.

Where are the jobs?Where is new capital investment? Where is credit growth?: P Chidambaram, Former Finance Minister pic.twitter.com/2W7RpEfktz — ANI (@ANI_news) January 30, 2017

There are no jobs, capital formation is declining, credit growth is the lowest in several decades, he added.

This move by the Congress comes a day before the government is set to present the Economic Survey 2016-17 report on Tuesday.