Exclusive: Note Ban Caused Long-Term Damage, Says P Chidambaram
Chidambaram said that the people might forgive the Prime Minister, but they will not forget what they went through.
In an exclusive chat with The Quint, Congress leader and former Union Finance Minister P Chidambaram attacked the demonetisation move, saying it has caused “long-term damage” to the country.
The Congress MP also pointed out that the narrative around the note ban has constantly been changing.
The narrative changes – initially they said it is for black money, counterfeiting and to stop terror funding. Then they added corruption. After two-three weeks, they realised it won’t make any difference to corruption or black money. In fact, it made many bankers corrupt.
Following this, the ban was touted as part of a transition towards a cashless society, Chidambaram stated. However, it was soon realised that such a society does not exist anywhere else in the world.
Thus, the former minister said, the narrative has now switched to saying that demonetisation was introduced to empower the poor, following a situation where 40 million people were driven to misery in a period of five to six weeks.
P Chidambaram spoke about how the Indian economy has deteriorated and has been mismanaged over the last one year.
When asked if the upcoming Assembly elections are a referendum on demonetisation, Chidambaram denied it, but added that it will definitely be a “major factor at play”. He also stated:
It’s a long-term damage to the country… People might forgive the Prime Minister, but they are not going to forget the experience.
Video Editor: Purnendu Pritam
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