Terming November 8 a “black day” for the economy and democracy, former Prime Minister Manmohan Singh today repeated what he said in Parliament last year: that demonetisation was “organised loot and legalised plunder”.
Calling November 8, 2016 a “black day” for our economy as well as democracy, former Prime Minister Manmohan Singh today repeated his famous statement he made in Parliament last year: that demonetisation was “organised loot 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 day for our economy and indeed our democracy. Nowhere in the world has any nation taken such a drastic step that swept off 86 per cent of the currency.”
“I repeat what I said in Parliament: this (demonetisation) was organised loot and legalised plunder,” he said. “When I heard the demonetisation announcement, I wondered who gave him (Modi) this reckless advice,” he added.
Singh said measures like demonetisation are ineffective if the government wants to promote cashless economy. Moreover, he said the fear of “tax terrorism” after the note ban has eroded the confidence of Indian business to invest.
Note Ban, GST Twin Blows: Manmohan
Endorsing his party vice-president Rahul Gandhi’s statement that both demonetisation and Goods and Services Tax (GST) were the two shots fired at the Indian economy, Manmohan said, “This twin blow is complete disaster for our economy. It has broken the back of our small businesses.”
Singh termed the implementation of GST as “badly designed, hastily implemented, and a complete disaster and monumental blunder”. Calling the present form of the GST “a great departure from our vision”, Singh said it has transformed into a “complicated mess, multiple slabs along with additional cess”.
“When undertaking the endeavour of One Nation, One Tax, if the PM had taken inspiration from the resolve of the great Sardar Patel, the outcome would have been different,” Singh said in what was a clear dig at the BJP, which often tries to appropriate Patel, a Congress icon.
Singh said jobs have suffered because of the two policies. “We had to run for Chinese imports 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.
“Unprecedented growth of imports by over Rs 45,000 crore, a 23% increase in a year, can be attributed largely to demonetisation and GST,” the former Prime Minister said.
