Demonetisation is ‘Organised loot’, legalised plunder: Dr. Singh

TIL Desk/National/New Delhi/ Pointing out the extent of hardship which demonetisation has caused the common man and small businesses, and the likely hit of 2 per cent on GDP, former Prime Minister Manmohan Singh on Thursday said this has been coupled with “monumental” mismanagement in implementation. When Manmohan Singh was speaking in Rajya Sabha, Prime Minister Narendra Modi was also present in the House.

“I want to ask the Prime Minister (Narendra Modi) if he can name any country where people have deposited their money but are not able to withdraw it,” Manmohan Singh queried during a statement in the upper house of parliament. Manmohan Singh, who is also a renowned economist said that the demonetisation drive will hit the economic growth of the country.

“The GDP of the country will decline by about 2 per cent by what has been done. And this is an underestimate and not an overestimate,” he said. “What has been done can also weaken our people’s confidence in the currency and banking system,” said Manmohan Singh. “There has been a monumental mismanagement in implementation of demonetisation. I hope that the prime minister will help us find practical ways to give relief to people who are suffering,” Singh said, adding 60-65 people have also lost their lives.