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
                  1. C
                    Chandu Shah
                    Nov 24, 2016 at 11:13 am
                    Oh look the puppet has opened his mouth
                    Reply
                    1. R
                      Raghuraman
                      Nov 25, 2016 at 1:51 am
                      Statement and scholars work for future generations.lt;br/gt;To think and state that we will all be dead long run MMS has spoken like a street politician.lt;br/gt;Very sad under
                      Reply
                      1. D
                        Dungal
                        Nov 24, 2016 at 7:28 am
                        OK, Mr Manmohan, Sonia made you PM and hence you remained silent during all the corruption's happening in front of your eyes. lt;br/gt;lt;br/gt;Looks like you even your MP to your masters. Was expecting a more economist view from you. Not what your masters want you to read outlt;br/gt;lt;br/gt;You to will get 72 virgins after death for silently destroying India
                        Reply
                        1. I
                          Indian
                          Nov 24, 2016 at 12:32 pm
                          I am no longer a fan of modi. He is a disaster. Apologies to this great man Dr Manmohan Singh for he was insulted by s like us.
                          Reply
                          1. G
                            Gopi Chand
                            Nov 24, 2016 at 1:46 pm
                            It is not surprising to hear such comments from Dr. Singh under whose 10 years rule country has witnessed worst scams , more black money generated and worst kind of terror acts. He let corruption, scams run amok and when terror outfits hit man cities other than visiting victims he hardly did anything to country. Mr Manmohan Sigh contribution as a finance minister under Late PM Mr. Narasimha Rao is much appreciated. Mr. Manmohan Singh 10 year rule as PM of India is deplorable. That is about it.
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                            1. G
                              Gopi Chand
                              Nov 24, 2016 at 7:48 pm
                              It is not surprising to hear such comments from Dr. Singh under whose 10 years rule country has witnessed worst scams , more black money generated and worst kind of terror acts. He let corruption, scams run amok. when terror outfits hit man cities other than visiting victims he hardly did anything to country. Mr Manmohan Sigh contribution as a finance minister under Late PM Mr. Narasimha Rao is much appreciated. Mr. Manmohan Singh 10 year rule as PM of India is deplorable. That is about it.
                              Reply
                              1. G
                                Gopi Chand
                                Nov 24, 2016 at 1:48 pm
                                Mr. Manmohan singh statement is last and final tool of congress party to use against Mr. Modi Govt. Mr. Singh please go back to silent mode.
                                Reply
                                1. H
                                  Haru Mandal
                                  Nov 24, 2016 at 7:38 am
                                  First - people themselves have already found out about monumental mismanagement by this time. This is being touted as 'Great Effort'(!). lt;br/gt;But ,as a Prime Minister of India, Finance Minister and Governor of RBI and a scholar and economist for a long long time, PL. tell us with examples (from ONLY developed Economies and corruption free societies ) how many govt of how many countries do such ABRUPT and DISRUPTIVE demonetisation of notes as low as 500 rupees ( at today's inflation and price) (as the ONLY weapon) to 1. fight and eradicate Black money and 2. to tackle Fake Currency 3. to fight Terrorism. lt;br/gt;How often they do, and what were/are the results on each occasion?
                                  Reply
                                  1. H
                                    hayatlives
                                    Nov 24, 2016 at 6:59 am
                                    When Manmohan speaks ,one should listen. It would augur well for the Govt to pay heed to this man's words.
                                    Reply
                                    1. N
                                      Nh
                                      Nov 24, 2016 at 1:36 pm
                                      We miss MMS
                                      Reply
                                      1. J
                                        Jim
                                        Nov 24, 2016 at 7:22 am
                                        Yes yes. As if he had managed so well
                                        Reply
                                        1. M
                                          Mustafa
                                          Nov 24, 2016 at 10:11 pm
                                          60 years of suffering under Congress. 10 years of looting under Dr Singh. Where were you Dr Singh when Sonia and Chiddu and Robber Badra and others were looting? Aren't the poor suffering then? Did he just woke up while the Christian missionaries were working with stan and people like Kejriwal to destabilize India? Who cares for India as long as madam Sonia can loot in the name of church and pope. Jai Ho.
                                          Reply
                                          1. J
                                            Jay
                                            Nov 24, 2016 at 7:45 am
                                            Economist who turned into the Slave dog of Italian mafia lady.
                                            Reply
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