Demonetisation was organised loot: Manmohan Singh

Demonetisation was organised loot: Manmohan Singh

Slamming the Narendra Modi-led central government’s ‘twin blow’ to the economy delivered through demonetization and also the goods and Services Tax (GST), former prime minister Manmohan Singh aforesaid both the initiatives are an entire disaster for our economy and bust the rear of tiny businesses. Relating demonetization in his address to crowd of businessmen in Ahmedabad, Singh said that on 8 November we mark one year since the disastrous policy was thrust on the individuals of our country.” He added that the govt has not made a recent assessment of prices and advantages, if any, of the move.

Demonetisation was organised loot: Manmohan Singh

Former PM Manmohan Singh mentioned November 8 as a ‘black day’ for the Indian economy. He repeated what he aforesaid in the parliament that, this was organized loot and legalized plunder.

He conjointly aforementioned it was because of demonetization that Indians had to go for Chinese imports. comparison the escalating rise in India’s imports from China, Singh aforesaid the country’s import in first half of 2016-17 stood at Rs 1.96 lakh crore, whereas in 2017-18 it raised to Rs 2.41 lakh crore. The Congress leader also cited both GST and demonetization as the main cause behind the unprecedented growth of imports that rose by 23 percent in a year.

Singh also criticised Prime Minister Narendra Modi’s high-profile bullet train project. “Bullet train, launched with a lot of fanfare, is an exercise in vanity. Did PM think about the choice of the high-speed train by upgrading broad gauge railway?” he questioned.

The former PM wondered if raising questions about bullet trains made one anti-development, or questioning demonetization or GST made one a tax evader. This attitude of suspecting everyone to be a criminal or anti-national, low-level rhetoric is damaging to democratic discourse. While denigrating the past Prime Minister is also exaggerating what he will do in future.

 

Demonetisation was organised loot: Manmohan Singh

Blaming demonetization for rampant job losses, Manmohan Singh in an event in Ahmedabad aforesaid the textile sector in Surat had to face twenty one thousand layoffs. Sixty thousand looms were discarded in Surat. On an average thirty five jobs were lost per loom amounting to twenty one thousand losses in the town in one specific sector alone. The previous Prime Minister started his speech by blaming demonetization for more than one hundred lives which were lost during the chronic days of demonetization. Singh went on to explain the BJP-led government’s demonetization exercise as a reckless step which scrapping higher price currency notes was organized loot and legalised plunder.

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