Scars of Demonetisation More Visible With Time: Manmohan Singh

Manmohan Singh said that demonetisation had impacted every single person, regardless of age, gender, or religion.

Updated08 Nov 2018, 07:19 AM IST
2 min read

On the second anniversary of demonetisation, Former Prime Minister Manmohan Singh on Thursday, 8 November, slammed the Modi government for imposing note ban, saying the “ill-fated” exercise had wreaked havoc on the economy.

Holding a nationwide protest on Thursday, Congress leaders demanded an apology from Prime Minister Narendra Modi for “ruining and wrecking” the economy.

“Today marks the second anniversary of the ill-fated and ill-thought demonetisation exercise, that the Narendra Modi government undertook in 2016. The havoc that it unleashed on the Indian economy and society is now evident to everyone,” Singh said in a press statement.

“I urge the government to restore certainty and visibility in economic policies… Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policymaking should be handled with thought and care.”
Manmohan Singh, Former PM
He also said that demonetisation had impacted every single person, regardless of age, gender, religion, occupation or creed.

“It's often said that time is a great healer. But, unfortunately, in case of demonetisation, the scars and wounds of the note ban are only getting more visible with time,” the former PM said.

“The financial markets are volatile as the liquidity crisis wrought by demonetisation is taking its eventual toll on infrastructure lenders and non-bank financial services firms. We are yet to understand and experience the full impact of the demonetisation exercise. With a depreciating currency and rising global oil prices, macro-economic headwinds are also starting to blow now,” he added.

“It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets,” Singh said.

(With inputs from PTI)

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Published: 08 Nov 2018, 06:10 AM IST
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