New Delhi: Former Prime Minister Manmohan Singh on Thursday tore into the government's demonetisation drive calling it "organised loot and legalised plunder" and predicting it will lead to a 2 percentage point fall in GDP.
In a rare intervention in the Rajya Sabha, with Prime Minister Narendra Modi looking on, Singh said the note ban policy is a "monumental mismanagement" by the Centre.
The former PM, who has also served as a finance minister and the RBI governor, said the demonetization move had exposed the central bank.
PM said wait for 50 days but for the poor section even 50 days can be detrimental: Former PM Manmohan Singh in RS #DeMonetisation pic.twitter.com/YQFeioDwFf? ANI (@ANI_news) November 24, 2016
“Those who say demonetization is good in the long run should remember the quote that ‘in the long-run we are all dead’," Singh said, to the applause of Opposition benches.
During his speech, his first after he left office as PM in 2014, Manmohan Singh said the government was ignoring the grievances of citizens. “Find practical ways to relief the distress of the people. PM must come out with big measures to bring back black money," he said.
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