Demonetisation has hit common man, will drag GDP by 2%: Manmohan Singh

Demonetisation has hit common man, will drag GDP by 2%: Manmohan Singh

In a direct address to Prime Minister Narendra Modi on the issue of note ban, Singh said a "monumental mismanagement has been undertaken in implementation of Demonetisation".

"These measures convinced me that the way the scheme has been implemented, it's a monumental management failure".

Dr Singh, resuming the debate in the upper house, said the manner in which the demonetisation had been implemented by the government was nothing short of " organised loot and legalised blunder".

So, all these measures convince me that the way this scheme has been implemented is a monumental management failure and in fact, it is a case of organised loot and legalised plunder [inaudible]. "Those who say demonetisation is good in long run should recall the quote: "In the long run we are all dead". Before 50 days there can be disastrous effects. I would like to know from the PM, the names of any countries where people have deposited their money in the bank, but aren't allowed to withdraw their money, ' Singh questioned the Prime Minister.

Leader of the House Arun Jaitley objected to the decision of the Deputy Chairman to allow the former prime minister to speak in the Zero Hour.

Azad's request was readily accepted by the government with Jaitley saying that the debate should start immediately and Modi will certainly participate in it. "This is an underestimate, not an overestimate", said Manmohan Singh, a former Finance Minister and Reserve Bank of India Governor, during a debate in the Rajya Sabha.

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"The GDP of the country will decline by about 2 per cent by what has been done". This is an under-estimate and not an over-estimate.

Prime Minister Narendra Modi had announced demonetisation on November 08 and since then, the opposition has been vehemently opposing the move, leading to adjournment motions in both the houses of the parliament. The move was aimed at cracking down on the shadow economy but has brought India's cash economy to a virtual standstill. The cooperative banking sector which is serving large number in the rural sector is not operational.

Every day new modifications are being announced which do not reflect well on the PM, the finance minister and the RBI.

The Prime Minister told his Cabinet last evening that a survey conducted on his app saw record participation and proved that people back his effort to crackdown on black money and corruption by removing the old high-denomination notes.

"I am very sorry that the RBI has been exposed to this sort of criticism which I think is fully justified", he added. I urge upon the Prime Minister to find practical, pragmatic ways and means to relieve the distress of the people who happen to be a great majority.

Attacking the Prime Minister on his request of giving him 50 days to cleanse the nation, Singh raised the trouble faced by the common man and the death of 60-65 people standing in long queues outside banks and ATMs. "After all 90 per cent of our people were in the informal sector, 55 per cent of our workers in agriculture are feeling distress", he said.

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