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.