Worst is yet to come… Manmohan Singh on note ban

RSTV Bureau
New Delhi: Congress vice president Rahul Gandhi with former Prime Minister Dr. Manmohan Singh and senior Congress leader AK Antony in New Delhi, Jan 11, 2016. Photo - PTI

New Delhi: Congress vice president Rahul Gandhi with former Prime Minister Dr. Manmohan Singh and senior Congress leader AK Antony in New Delhi, Jan 11, 2016.
Photo – PTI

Two Congress party heavyweights — Manmohan Singh and P Chidambaram — added firepower to the principal opposition party’s criticism of demonetisation. Former Prime Minister Dr. Singh, who had earlier termed it a “monumental management failure”, today cautioned that the worse was yet to come.

“Modi ji keeps on saying that his decisions will transform India’s economy. We know now that the beginning of the end has come… But the worst is yet to come,” Manmohan Singh said.

Addressing the Congress party’s Jan Vedna Sammelan, Singh once again castigated the note ban move, terming it a “disaster” and added that things were going from bad to worse and that the worse was yet to come.

The two-term former Prime Minister and renowned economist also dismissed the ruling party’s claims that things have started looking up.

“Demonetisation has hurt the country very badly. Things have gone from bad to worse in the past few months. Some say the GDP can be as low as 6.3 per cent. We can imagine that what kind of a disaster demonetisation is,” Singh said.

“When the GDP goes down, then employments will fall, production will fall, agriculture income will fall. What a disaster this demonetisation has caused?” the former PM said, adding further that it was the “solemn duty” of all Congress men to tell the people the wrongs that have been done by Modi.

Rahul-and-Chidambaram

Also speaking at a convention, former Union Finance minister P Chidambaram bitterly criticised the note ban move.

Questioning the decision to demonetise the higher denomination currency notes in a sudden announcement by PM Modi on evening of November 8, 2016, Chidambaram claimed there was no record of the Cabinet meeting of November 8 when the government had said to have taken the decision to withdraw Rs 500 and Rs 1,000 notes.

“Where is the Cabinet note? Where is the Cabinet decision?” he asked.

Asserting that the reputation of RBI is at risk today, Chidambaram said, 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.

The former Union Finance minister also claimed that even one per cent decline in GDP will lead to a loss of Rs 1.5 lakh crore to the country.

(With inputs from the PTI)

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