Demonetisation is monumental mismanagement by Modi govt, will hit growth: Manmohan Singh

Manmohan Singh warned that the move of demonetisation will hurt agricultural growth and people in the informal sector

By: Express Web Desk | New Delhi | Updated: November 24, 2016 2:54 pm
demonetisation, manmohan singh, cash crunch, old Rs 500 note, new Rs 2000 note, rajya sabha, parliament, congress, narendra modi Former Prime Minister Manmohan Singh. (File Photo)

Former Prime Minister Manmohan Singh on Thursday called the demonetisation of high value currency notes as ‘monumental mismanagement’ by the Narendra Modi government. Though he said he did not disagree with the objectives behind the decision, he remarked the GDP of the country could shrink by 2 percentage-points due to the way it has been implemented.

“This will hurt agriculture, small industry and everyone in the unorganised sector. My view is that GDP growth can fall by 2 per cent and that is an underestimate,” said the former prime minister as PM Modi listened on in the treasury benches during the debate in Rajya Sabha.

WATCH VIDEO: Former PM Dr Manmohan Singh Says Demonetisation Will Hit Growth

The former PM said, “It is important to take note of the grievances of the people suffering. 60-65 people have lost their lives, what has been done can weaken our people’s confidence in currency and banking system.”

Singh asked the prime minister to find ‘practical, pragmatic’ means to relieve people of their distress. The former PM also pointed to the manner in which the cooperative banking system and people in rural areas are suffering as a result of the demonetisation move.

“Those who say demonetisation is good in the long run should recall the quote: ‘In the long run we are all dead’,” said Singh in the Upper House.

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  1. A
    Abhinav Gour
    Nov 24, 2016 at 4:57 pm
    Black money was ruling the country till nov 8 manmohan headed a corrupt govt full of scams though he introduced schemes for the welfare of the poor it all turned into black n hes talking today modi is pretty sincere in curbing black money though it has caused hardships
    Reply
    1. A
      Abhinav Gour
      Nov 24, 2016 at 12:57 pm
      Just like 10 years rule under you, opps under Soniaji.
      Reply
      1. J
        Jay Smith
        Nov 24, 2016 at 5:10 pm
        A miracle has happened Manmohan has found his voice
        Reply
        1. P
          prakash gotimukul
          Nov 24, 2016 at 1:38 pm
          MMS would hv faced a firing squad if he was PM in a country with a dictator. He shamelessly agreed that 2G happened , countries money looted, and he did not not take action due to coalition compultion. On that day MMS was a dead man. How shamelessly he continued and even today he spoke as her masters voice. A dead devil speaking. Only indians can allow and bear with such monsters.........................
          Reply
          1. I
            indian
            Nov 24, 2016 at 1:16 pm
            And what did you do to curb corruption Mr. Singh? Zero. Your own ministers were looting our country. At least Mr. Modi is trying. Offer practical suggestions or do what you are best at - keeping quiet
            Reply
            1. I
              indian
              Nov 24, 2016 at 9:03 pm
              monumental mismanagement is what MMS did.. even fits his initials. 2g, coal, adarsh, Augusta Westland, commonwealth, bofors......
              Reply
              1. B
                Bharat
                Nov 24, 2016 at 8:18 am
                Monumental mismanagement like 2G Coal CWG Fodder?
                Reply
                1. A
                  Anonymous
                  Nov 24, 2016 at 9:49 am
                  Head of the most corrupt self serving government Manmohan singh has no standing. He was PM but driven by backseat driver Sonia hi!! Rahul hi presided over and told off his ministers as if he was the ROYAL prince..
                  Reply
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