Former Prime Minister of India Manmohan Singh said on Tuesday that the country's development has slowed down, the main reason behind which is note ban and the economy is running on the engine of public expenditure only.

He expressed deep concern about the situation especially on the impact of employment generation. In his address at the Congress Working Committee meeting on Tuesday, he expressed concern over the decline in economic growth which is reflected in the GDP data for the last quarter.

In a meeting of the Congress Working Committee held at Congress President Sonia Gandhi's residence, Manmohan said, "India's GDP data for the fourth quarter of the last fiscal and the full fiscal year 2016-17 was released a few days ago. India's economic growth has come down drastically, primarily because of note ban declaration made in November 2016."

He said, "The actual sub-measurement of economic activities has resulted in huge and continuous reduction in Gross Value Addition (GVA). Private sector investment has collapsed and economy is running on the engine of the sole public expenditure. GVA of industries, which was 10.7 percent in March 2016, dropped to 3.8 percent in March 2017. This led to a decline of about seven percent."

The former Prime Minister described employment generation as the most worrisome aspect. He said, "The most worrying thing in this is the effect of job creation. Getting employment for the youth of the country has become very difficult. The manufacturing industry, which has the highest employment generation in the country, is shrinking. This means that millions of jobs are going on in the country."

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