Demonetisation greatest blunder in 70 years: Arun Shourie

Arun Shourie said the RBI governor in this case has behaved “like an under secretary in the Ministry of Finance”.

By: Express News Service | Bengaluru | Published: January 18, 2017 4:12 am
Former union minister Arun Shourie (Express Archive) Former union minister Arun Shourie (Express Archive)

CALLING THE decision to demonetise Rs 1,000 and Rs 500 currencies the “greatest blunder in economic policy for 70 years”, Arun Shourie, former minister in the NDA-I government of Atal Bihari Vajpayee, on Tuesday said the RBI governor in this case has behaved “like an under secretary in the Ministry of Finance”.

“It (demonetisation) is the symptom of a pattern of government where there is no consultation. It may happen again and again. The fact that somebody keeps winning elections is no reason to change our mind. Those who vote will vote on other considerations, and they do not know how economy should be run,” Shourie said at a public lecture on ‘Politics of Development’ at National Institute of Advanced Studies.

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“Somebody gets a brainwave, and because nobody can oppose them, there is demonetisation,” he said.

“You can see this from the fact that every day they are inventing something new — wherever the arrow falls that is the target. It is governance by illumination and revelation.”
Stating that India has never had a Prime Minister’s Office (PMO) where functions are as centralised as they are today, Shourie said, “We have never had as weak a PMO — in terms of domain competence —- as we have today.”

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  1. R
    Rajat
    Jan 18, 2017 at 4:30 am
    अंगूर खट्टे हैं
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    1. S
      Sk sharma
      Jan 18, 2017 at 12:34 pm
      Sir with due respect, you have the the great wisdom in the subject, and at present there is no effect after 02 months, however if any it will be going to reflect on coming times, but u have to respect the guts and honesty of our pm, to make this country corruption free. lt;br/gt;However pls tell the solution also
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      1. R
        Ruchi
        Jan 19, 2017 at 9:53 am
        Nice calculation but prob is each n every govt has lost its credibility bjp or cong wat shud we do...helpless
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        1. S
          Swaminathan
          Jan 18, 2017 at 2:56 pm
          He has realised he has goofed it up. But ego does not accept.
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          1. %e0%aa%85%e0%aa%82%e0%aa%95%e0%ab%81%e0%aa%b0 %e0%
            Jan 18, 2017 at 1:35 pm
            When you ask bhakts, how 2000 rs note will curb black money? The answer is ?!.How 2000 rs note will restrict the mind to do the corruption? The answer is !?. And last but not least if demonetization will help to control terrorism, US should think about it with its $!!..
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