Demonetisation: Former PM Manmohan Singh breaks his silence in Rajya Sabha.

NEW DELHI: On Thursday, Rajya Sabha witnessed a dramatic role reversal between the current and former prime ministers. Attacking the government on demonetisation, former PM Dr. Manmohan Singh declared the case of demonetisation as a “monumental mismanagement” and “organised loot and legalised plunder” that will drag the country’s GDP down by 2 percentage points in nearer future. He also raised out his opinion that the way the scheme has been implemented will hurt agricultural growth in our country, will hurt small industry, will hurt all those people who are in the informal sector of the economy.

Directly challenging Modi, quite unusual of him, Manmohan Singh said, “I would like to know from the Prime Minister the names of any country he may think of where people have deposited their money in their banks, but they are not allowed to withdraw.” It was clearly abandoned the law itself by declaring such statements in the name of demonetisation which leads to crises in different parts of the country.

It is not my intention to pick holes what this side or other side does. But I sincerely hope that the PM even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country,” the former Prime Minister said. Singh said, “These measures convinced me that the way the scheme has been implemented, it’s a monumental management failure.”

Dr. Singh added that the PM Modi has been arguing that this is the way to curb black money, to prevent growth of forfeiture currency notes and also to help in control of terrorist finance activities. I do not disagree with these objectives. But I do want to point out this that in the process of demonetisation monumental mismanagement has been undertaken about which today there is no two opinions in the country as a whole. Even those who say that this measure will do harm or cause distress in the short term but be in the interests of the country in the long run should be reminded of what John Keynes said once,” In the long run all of us are dead.”

Prime Minister has said that we should wait for 50 days. Well 50 days is a short period. But for those who are poor and from the deprived sections of the society even 50 days torture can bring about disastrous effects. And that’s why about 60 to 65 people have lost their lives, maybe more. And what has been done can weaken and erode our people’s confidence in the currency system and in the banking system.

Lastly he mentioned that without bashing about the loopholes in the name of demonetisation, I would like to request the ruling government to take the charge against the havoc crises risen due to lack of good implementation of a scheme and help those poor and middle class people who are loosing their lives by standing in the queue of the ATMs/Banks and still not getting the money.


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