Former Prime Minister Manmohan Singh coming out against Prime Minister Narendra Moid’s demonetization move in a strongly worded attack stating that it is an organised loot and legalised plunder. Resuming the debate in Rajya Sabha after a week of dead lock, following the presence of Prime Minister as demanded by the opposition, he charged that the government’s decision to recall high-value banknotes has been implemented with “monumental mismanagement”
He also warned that the way the move has been implemented, could see the GDP of the country shrink by 2 percentage-points. Stating that prime minister has asked people to wait 50 days, he said though 50 days is a short time, it would be disastrous to the common people. “It is important to take note of the grievances of the people suffering”’ he added.
Though he said he did not disagree with the objectives behind the decision, he cautioned that it will hurt agricultural growth and people in the informal sector. He also pointed to the manner in which the cooperative banking system and people in rural areas are suffering as a result of the demonetisation move. The former prime minister urged the prime minister to find practical, pragmatic means to relieve people of their distress.
