Home / News / Narendra Modi has pushed Indian Economy towards disaster; worse yet to come : Manmohan Singh on demonetisation

Narendra Modi has pushed Indian Economy towards disaster; worse yet to come : Manmohan Singh on demonetisation

India’s economy has gone from bad to worse following the government’s recall of high-value currency but the worst is yet to come, former prime minister Manmohan Singh said on Wednesday. (File Photo)

New Delhi : Former Prime Minister Manmohan Singh speaking at a Congress party convention in Delhi, – who is also a noted economist – called Prime Minister Narendra Modi’s claims of a robust economy “hollow”.

The demonetisation move was disastrous. It hurt the country but the worst is yet to come,” he said at the Jan Vedna Sammelan today.

Dr Manmohan Singh – who is credited with ushering reforms and turning the course of India’s economy as finance minister in the early 90s – had predicted earlier in November that demonetisation will shave two percentage points off India’s GDP.

As a consequence, employment in fall in agriculture and informal sector, which contributes 45% to the national income.” Dr Singh rejected the Modi government’s claim, saying almost all rating agencies had pared down growth estimates from 7.6% to 7% and as low as 6.3%.

The former Prime Minister said it was the “solemn duty” of all Congress men to tell the people the wrongs that have been done by Modi and that a “clarion call” should be given to the countrymen to “awake and rise” up in protest.

Former finance minister P. Chidambaram also slammed the demonetisation move

P. Chidambaram, in his address, said there is no record of the Cabinet meeting of November 8. “Where is the Cabinet note? Where is the Cabinet decision?” he asked.

Both Singh and Chidambaram said there would be decline in the country’s gross domestic product (GDP) because of demonetisation.

Chidambaram said that never before in India’s history such a farce has been enacted. The former Finance Minister also said that the reputation of RBI is at risk today.

The government and the central bank generally have differences but never before a government has treated RBI like a department of the Government of India” he added.

He said that ‘even one per cent decline in GDP will lead to a loss of Rs 1.5 lakh crore to the country‘. He said every challenge thrown by Modi government should be matched by the Congress with utmost courage and utmost wisdom.

It is also a matter of concern that during the 50-day period of ‘notebandi’, an unholy nexus of certain corrupt BJP leaders, black-marketeers and bank officials were shown to be operating by various media channels, indulging in illegal conversions of stockpiles of currency,” the Congress party said.

With PTI inputs

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