The former Prime Minister (PM) of India Dr. Manmohan Singh has said that the mismanaged demonetization scheme of PM Narendra Modi is causing severe hardships to the millions of people in the country.
“I agree with the objectives of the scheme such as curbing the black money, fighting corruption, or stopping the terror financing. But a monumental mismanagement has taken place in its implementation,” said Dr. Manmohan Singh who was addressing the Rajya Sabha today.
He reminded Modi of nearly 70 deaths that have taken place in India because of demonetization. Dr. Manmohan Singh also asked Modi if he can count even a single country where people have deposited their money in the bank but the government refuses to pay their money back – which is happening in India because of Modi’s demonetization decision imposed on people.
“This is a case of organized loot and legalized plunder,” Dr. Manmohan Singh said, adding that demonetization will hurt agricultural growth, small-scale industry, and millions of people in the informal sectors of our economy.
He also said that demonetization will result in a loss of 2% points for India’s GDP, stressing that it is an underestimate.
It is pertinent to mention here that Dr. Manmohan Singh is among the top economists in the world while the current Finance Minister and the Prime Minister of India are almost illiterates who do not have any domain expertise.
In response to Modi’s assurance that the situation will be normal in 50 days, Dr. Manmohan Singh retorted by saying that even 50 days’ torture on people can bring about disastrous effects.
“The erratic way in which demonetization is being carried out will erode people’s confidence in India’s currency and banking system,” Dr. Manmohan Singh said. “It is reflecting poorly on PM office, Fininace Minister’s office, and the Reserve Bank of India (RBI),” he said.
Meanwhile, major opposition parties have planned a country-wide protest on November 28 against Modi’s demonetization.
Photo / Video courtesy: Congress
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