Claims GDP will be pulled down by 2%
Find ways to provide relief to poor and unorganised sector
By TN Ashok / New Delhi :
Former Prime Minister Dr Manmohan Singh today attacked incumbent Prime Minister Narendra Modi’s demonetisation policy as a “Monumental Mismanagement” that he said had caused untold suffering particularly to the rural poor and unorganised sector.
As Prime Minister Narendra Modi made his presence in the Rajay Sabha today softening the opposition that had blocked proceedings for the last six days , both sides agreed to resume the debate on the demonetisation issue. But lok sabha adjourned for the day as opposition blocked proceedings for the seventh day today insisting on discussion with vote as speaker Ms sumitra mahajan dismissed all the adjournment notices of the opposition .
Dr Singh, resuming the debate in the upper house , said the manner in which the demonetisation had been implemented by the government was nothing short of “ organised loot and legalised plunder”. The way the Prime Minister, Finance Minister keep changing rules every day to deal with the demonetisation issue reflects badly on the government. That RBI has been part of this has been very unfortunate, he said.
The former prime minister said his intention was not to pick holes in the government demonetisation measure. “But even at this later hour, I appeal to the government to review the decision and find a pragmatic way to find quick relief to the people”, he said.
Describing the demonetisation measure retiratedly as a “monumental management failure”, Dr Singh said his judgement was that the demonetisation measure would impact the economy and GDP growth would be pulled down by 2%. “Even this is an underestimate”, he said to thumping of desks by congress and other opposition members.
Dr Singh said Prime Minister Modi had said the outcome of the demonetisation measure would be seen in 50 days. “ Even 50 days is a short period. Before 50 days there can be disastrous effects . 65 people have lost their lives”, he said.
Government must immediately apply its mind to see what it can do , he said adding, because what demonetisation can do is , weaken the confidence of the people in the currency or banking system.
Dr Singh implied that in the unprepared way in which the government implemented demonetisaton had hit the rural poor and the unorganised very hard. “ 90% of the people work in the informal sector, 50% work in the cooperative sector “, he said adding these peoples distress had to be alleviated immediately by the government.