Former PM Dr. Manmohan Singh Speaks Up On Demonetisation, Raises Some Strong Points

Manmohan Singh, Demonetisation, Rajya Sabha
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Today, Former PM Dr. Manmohan Singh spoke in the debate on issue of demonetisation in the presence of PM Modi. The former Prime Minister raised quite a few important issues and expressed his concerns about the policies of the government on demonetisation. Dr. Singh has not only been on the chair of Prime Minister but he has also been Finance Minister and Governor of RBI in past. The liberalization of Indian Economy was under his watch as Finance Minister in 1991 under Prime Ministership of P. V. Narasimha Rao. These are some of the major points that he raised.

  1.   - Though he didn’t disagree with the objective of demonetisation for ending black money, but he termed its implementation as a “monumental mistake”.

  2.   - He also stated the way this move has been implemented it could shrink the GDP of the country by 2 percentage points.

  3.   - He said,“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”.

  4.   - “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.”

  5.   - "Even those who say that this measure will cause distress, in the short run, & it will be in the interest of the country in the long run reminds me of John Keynes' words, 'In the long run we are all dead.',"

  6.   - He highlighted that over 60 people might have died due to reasons related to this move.

  7.   - He urged PM Modi to take some “practical,pragmatic” steps to relieve people from distress and urged to implement the scheme in a better way.

Title Image Source: huffingtonpost


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