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Demonetisation was disastrous, worst is yet to come: Manmohan Singh

Former Prime Minister Manmohan Singh today slammed the ‘demonetisation’ move of the Narendra Modi government and alleged that the Indian economy has gone from bad to worse following the recall of the high-denomination notes.
India TV Politics Desk New Delhi January 11, 2017 14:34 IST
India TV Politics Desk

Former Prime Minister Manmohan Singh today slammed the ‘demonetisation’ move of the Narendra Modi government and alleged that the Indian economy has gone from bad to worse following the recall of the high-denomination notes. 

Manmohan Singh also termed Prime Minister Narendra Modi’s claims of a robust economy as “hollow”. 

“The demonetisation move was disastrous. It hurt the country but the worst is yet to come,” Manmohan Singh told Congress workers at the Jan Vedna Sammelan in New Delhi.

The former Prime Minister also pointed out that almost all rating agencies had pared down growth estimates from 7.6 per cent to 7 per cent and as low as 6.3 per cent.

“As a consequence, employment in agriculture and informal sector, which contributes 45 per cent to the national income, will fall,” he added.

 

Speaking on this occasion, former Finance Minister P Chidambaram also alleged that the ‘demonetisation’ move has weakened the Indian economy and “inflicted misery” on millions of people.

“Nobody in the world except Finance Minister Arun Jaitley says that India’s GDP will not be hit due to demonetisation,” he added.