Former PM Manmohan Singh calls Demonetisation ‘ill-thought’ move

Former prime minister Manmohan Singh on the second anniversary of demonetisation called it an “ill-thought” move that unleashed havoc on the Indian economy.

“Today marks the 2nd anniversary of the ill-fated and ill-thought demonetisation exercise. The havoc that it unleashed on Indian economy and society is now evident to everyone,” Singh said.

“It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time,” he added.

Singh said the note ban had impacted every person, regardless of age, gender, religion, occupation or creed.

“I urge the government to restore certainty and visibility in economic policies. Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policy making should be handled with thought and care,” said Singh.

“Beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of notebandi are still unraveling. Small and medium businesses that are the cornerstone of India’s economy are yet to recover from the demonetisation shock,” said the former prime minister.

“This has had a direct impact on employment as the economy continues to struggle to create enough new jobs for our youth. The financial markets are volatile as the liquidity crisis wrought by demonetisation is taking its eventual toll on infrastructure lenders and non-bank financial services firms. We are yet to understand and experience the full impact of the demonetisation exercise. With a depreciating currency and rising global oil prices, macro-economic headwinds are also starting to blow now,” Singh added.

Targeting Prime Minister Narendra Modi, Senior Congress leader Randeep Singh Surjewala said that people of India will never forgive Modi for demonetisation.

He tweeted, “people of India will neither forgive nor forget the ‘Modi Made Disaster of Demonetisation’! Having sunk the Economy, PM Modi remains unrepentant on Notebandi!  Two years on, people remember! They will avenge their miseries by voting out BJP!”

 ‘Modi Made DeMo Disaster’ is Biggest Scam of Independent India. Scheme to covert ‘Black to White’ No ‘Black Money’ was found. No ‘Fake Currency’ was caught. No ‘Terror & Naxal’ financing curbed. 120 people died. Economy took a hit of Rs 3 Lakh Crores. Lakh of Jobs lost!” he added.

Surjewala further said, “Time to fix PM Modi’s responsibility for the unmitigated suffering & pain. Time for accountability for the unpardonable blunder of Notebandi. Time for an investigation into the Demonetisation Scam & loss to Economy.  Lets Not Forget! #DestructionByDemonetisation.”