Ten commandments of Dr Manmohan Singh on demonetisation

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Former Prime Minister Dr Manmohan Singh spoke in Rajya Sabha to start the much-awaited debate on demonetisation. In his brief speech, Dr Singh, a reputed economist himself, called process of demonetisation a monumental mismanagament.

Manmohan Singh

Here are ten key points taken from his speech.

  • It’s not my intention to pick bones in what one side says and what other sides says
  • I’m very sorry the RBI has been exposed to this kind of criticism, which is fully justified
  • The prime minister must come up with measures to reduce the distress
  • The way demonetisation has been implemented, it will hurt agritural growth
  • Not good for country’s image, when people have deposited their own money but can’t withdraw
  • PM has asked us to wait for 50 days, but even 50 days are torturous for people. 60-65 people have died
  • In the process of demonetisation, monumental mismanagament has taken place. No disagreements in the country on this
  • The GDP of the country can decline by about 2 percentage pts as a result of what has been done. This is an underestimate
  • I would like to point out, that in my opinion, this scheme, the way it is implemented will hurt small industry & will hurt all those people who are in the informal sector of the economy.
  • This alone is enough to condemn what has been done in the name of greater good for the people
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