Manmohan Singh on note ban:Demonetisation As An Organized Loot & Legalised Plunder!

Terming November 8 a” pitch-black date” for economics and democracy, former Prime Minister Manmohan Singh today echoed what he said in Parliament last year: that demonetisation was ” organised plunder and legalised plunder “. Addressing traders in poll-bound Gujarat’s Ahmedabad city on the eve of the first anniversary of demonetisation, the 85 -year-old Congress veteran said,” 8th November was a black epoch for our economy and indeed our democracy. Nowhere in the world has any nation taken such a drastic pace that wiped off 86 percentage of the money .”

” Government did not offer any admonition to Congress, neither in Parliament nor private consultations. GST has become a nightmare for small businessmen. Needless confusion has been caused by GST which has sowed deep-rooted fear of tariff terrorism. At a period when the economy slowed down despite world positions, levy terrorism contribute to lowest proliferation in private investing in last 25 years .”

” Demonetisation has proved to be a mere disaster. Every one per cent loss of GDP costs our commonwealth Rs 1.5 lakh crore. Think of the human impact of this loss where businesses had to shut down. The government did not heed to our advice on demonetisation. What is even more tragic is that after the monumental fumble of demonetisation, instead of supporting succor to poor and farmers and small-scale and medium sized businesses, the governmental forces imposed a naughtily designed and hastily implemented GST. This is a ended calamity for their own economies .”

Endorsing his party vice-president Rahul Gandhi’s statement that both demonetisation and Goods and Service Tax( GST) were the two shots fired at the Indian economy, Manmohan said,” This twinned blow is ended disaster for our economy. It has broken the back of our small businesses .” Singh said chores have suffered because of the two programmes.” We had to run for Chinese importations at the cost of Indian jobs. In the first half of 2016-17, India’s imports from China stood at Rs 1. 96 lakh crore. In 2017-18, it increased to Rs 2.41 lakh crore ,” he said .

Taking on the Congress over the issue, Jaitley said the previous Congress governments never took any such great step against black money .