‘Scars of note ban getting more visible’: Manmohan Singh

Describing demonetisation as an "ill-fated" and "ill-thought" exercise, Singh said in a statement that the havoc it unleashed on the Indian economy and society is now evident to everyone.

Published: 08th November 2018 12:53 PM  |   Last Updated: 09th November 2018 05:28 AM   |  A+A-

Manmohan Singh

Former PM Manmohan Singh (File | EPS)

By Express News Service

NEW DELHI: On the second anniversary of demonetization, the Opposition slammed PM Modi for his “reckless” and “disastrous” decision. The Congress has directed all its state units to protest against the decision at district headquarters on November 9.“Unfortunately, the scars and wounds of demonetisation are only getting more visible with time. Notebandi impacted every single person, regardless of age, gender, religion, occupation or creed,” said former prime minister Manmohan Singh. 

ALSO READ: Demonetisation led to formalisation of economy, expanded tax base: Arun Jaitley

eyond the steep drop in headline GDP growth numbers, the deeper ramifications of demonetisation were still unravelling, said Singh, a well-known economist, while listing the many ill-effects of the note ban exercise.

Congress president Rahul Gandhi said November 8 would go down in the history as a day of infamy. “Demonetisation is unique in the history of our tragedies because it was a self-inflicted, suicidal attack that destroyed millions of lives and ruined thousands of India’s small businesses. The worst hit by demonetisation were the poorest of the poor, forced to queue for days to exchange their meager savings” he said.

Lashing out at Finance Minister Arun Jaitley, Rahul said, “The government’s spin doctors, including our incompetent finance minister, have the unenviable task of defending an indefensible, criminal policy.”
Emphasising that the move destroyed the economy, lives and livelihoods, CPI(M) general secretary Sitaram Yechury said: “Modi and his minions claimed demonetisation will end black money, finish corruption, terminate terrorism, and bring only digital transactions. Two years later, Modi is silent.”

Terming it has the darkest day for India, West Bengal Chief Minister Mamata Banerjee said the biggest sufferers were the people working in agriculture sector and farmers, small businessmen, labourers, domestic workers and poor people. “Economy is now totally depressed, business is now oppressed and common people are suppressed,” she said.

 Delhi CM Arvind Kejriwal called demonetisation a “self-inflicted wound” on the Indian economy. Kerala’s finance minister Thomas Isaac said the Centre refrained from celebrating demonetisation this year.

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  • doraiswamyganesh

    With profound regret i would like to say that a doctorate has failed to understand the objectives of de-mon
    4 days ago reply
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