Demonetisation an organised loot and legalised plunder: Manmohan Singh
New Delhi: Political feud over demonetisation on Thursday showed no signs of ebbing away, with former Prime Minister Manmohan Singh calling it an “organised loot and legalised plunder” that would cause GDP to slide by 2 per cent, a contention rejected by finance minister Arun Jaitley who said it will have a positive impact.
Dr Singh, who was fielded by the Congress to take on the government, called the exercise, which has caused immense hardships to the ordinary people, a “monumental management failure” and a case of “organised loot and legalised plunder.”
Dr Singh claimed agriculture, the unorganised sector and small industries have been hit hard by the demonetisation move.
Give relief to people: Manmohan Singh
Political feud over demonetisation on Thursday showed no signs of ebbing away, with former Prime Minister Manmohan Singh calling it an “organised loot”, a contention rejected by finance minister Arun Jaitley who said it will have a positive impact.
In an uncharacteristically hard-hitting speech made in the Rajya Sabha in the presence of Mr Modi, the economist-politician said the drive will result in a decline of 2 per cent in the GDP and went ahead to warn that it could be an “under estimation”.
“These measures convinced me that the way the scheme has been implemented, it’s a monumental management failure. And, in fact, it is a case of organised loot and legalised plunder.
“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,” a usually reticent Singh said, attacking the Modi dispensation.
Dr Singh claimed agriculture, the unorganised sector and small industries have been hit hard by demonetisation and people were losing faith in the currency and banking system. “My own feeling is that the national income, that is the GDP of the country, can decline by about 2 percentage points as a result of what has been done. This is an under estimate and not an over estimate,” he said.
