New Delhi: Describing demonetisation as an “ill-fated” and “ill-thought” exercise, former prime minister Manmohan Singh said on the decision’s second anniversary Thursday that the havoc it unleashed on the economy and society is now evident.
The Congress leader asked the government to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy.
“Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policy making should be handled with thought and care,” Singh said in a statement.
He urged the government to restore certainty and visibility in economic policies.
“Notebandi (demonetisation) impacted every single person, regardless of age, gender, religion, occupation or creed,” he said.
It is often said time is a great healer but unfortunately in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time, Singh said.
MYSTERY: KEJRIWAL
Aam Aadmi Party (AAP) convener and Delhi Chief Minister Arvind Kejriwal Thursday questioned the rationale behind the Modi government’s note ban move and termed it as “a self inflicted deep wound” on the Indian economy.
“Though the list of financial scams of Modi govt is endless, demonetisation was a self-inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster ?”
The sudden withdrawal of notes led to a liquidity crunch with serpentine queues seen outside banks and ATMs to exchange old notes.
The effects of demonetisation, including its role in culling black money and stemming terrorism and Naxalism as well as its impact on the economy, are still being discussed with the opposition slamming the Modi government, terming its decision as “ill-advised” and “disastrous” for the country.
The BJP-led government had defended the move, saying it was necessary to wipe out illegal money stashes.
PTI