Fri Jan 03 19:01:38 UTC 2025: ## Yogendra Yadav Slams Govt’s Economic Policies at Manmohan Singh Memorial

**Bengaluru, January 4, 2025** – Political analyst Yogendra Yadav accused the central government of “institutionalising a system of loot” during a memorial event honoring former Prime Minister Manmohan Singh in Bengaluru on Friday. Yadav, speaking at an event organised by Jagrutha Karnataka, criticized the government’s tax policies, arguing that lower corporate taxes haven’t translated into increased investment. He called for a wealth tax on revenues exceeding ₹100 crore and asserted that the biggest strike currently underway is not by the working class, but by capitalists threatening to move their foreign direct investment (FDI) elsewhere.

Yadav highlighted the widening economic inequality, suggesting it could become a major political issue, potentially leading to a “sharp left turn” in Indian politics. He contrasted the current situation with the Manmohan Singh-led UPA government, praising its significant increase in Minimum Support Prices (MSP) for farmers, unprecedented agricultural growth, and the establishment of crucial social safety nets like MNREGA and the Food Security Act. Yadav characterized Singh’s perceived weakness – his consultative leadership style – as his greatest strength, contrasting it with the current government’s decision-making processes.

He also offered a nuanced perspective on Singh’s economic liberalization, arguing that it represented a “different version of capitalism” and not free-market fundamentalism. While acknowledging increased inequality post-liberalization, Yadav emphasized that it also improved conditions for the poorest. However, he expressed concern about the reliability of current government statistics, particularly GDP figures, and the potential erosion of the positive economic impacts of liberalization.

L.K. Ateeq, an IAS officer who worked with Singh, corroborated Yadav’s points, highlighting Singh’s reliance on expert advice and his surprising decision to offer farm loan waivers in 2008, despite his background as an economist. Ateeq also noted the significant investments in education and health infrastructure during Singh’s tenure, including the establishment of new IITs. The event served as a platform to both remember Singh’s legacy and offer a critical assessment of current economic policies.

Read More