WATCH: Manmohan Singh—Monumental mismanagement of Demonetisation
Former Prime Minister Manmohan Singh spoke on demonetisation in the Rajya Sabha today, November 24, 2016: “No one knows the final outcome of demonetisation but it has been “disastrous” for the poor”
Calling it a “monumental mismanagement”, former Prime Minister Dr Manmohan Singh in the Rajya Sabha on Thursday tore into the NDA government’s execution of its decision to demonetise ₹500 and ₹1,000 currency notes decision. Pointing to the tragic loss of about “60-65 lives” due to the mismanagement of the demonetisation process, the renowned economist said that the entire mismanagement has served to “weaken and erode our people's confidence in the currency and banking system.”
The Narendra Modi government has been trying to counsel the people to bear the hardships for 50 days, after which these would ease. Dr Singh, however, quoting the economist John Keynes pointed out to those who say that this measure will cause distress in the short run and it will be in the interest of the country in the long run: "In the long run we are all dead.” He stressed that for the poor and the deprived sections, even 50 days of torture can bring about disastrous effects.