Indian economy is not in good shape: Manmohan Singh

NEW DELHI: Just days before announcement of the Budget, Congress on Monday questioned government's economic polices and said that 'India is not in good shape'.

Unveiling a research document on the state of Indian economy, former Prime Minister Manmohan Singh said: "The Indian economy is not in good shape even the international bodies and rating agencies have projected a lower economic growth."

Presenting the assessment document -- The Real State of Economy -- Manmohan Singh said the document is an assessment document of the real state of the economy.


"Tomorrow is the day when the government will present its economic survey. We thought it a good idea that we should also bring out a document which sets out what we consider is the real state of the economy," Singh said.

"This is a contribution to the ongoing debate on where are economy stands, where it is heading to and what is to be done to pull it in the right path," Singh added.

Addressing the press meet, former finance minister P Chidambaram criticised the government for the poor state of economy.

"There are no jobs, capital formation has declined and credit growth is the lowest in several decades, yet the government is painting a rosy picture of the economy,"Chidambaram said.

"Every government must be optimistic, but optimism must stem from a realistic assessment of the situation," he said.