News Worms
News Worms


Manmohan takes on Modi with statistics

Manmohan takes on Modi with statistics

Manmohan Singh criticised Prime Minister Narendra Modi's pet project of bullet train and called it an "exercise in vanity". The ruling BJP will be hold "Anti-Black Money Day" celebrations across the country. He added: "Demonetisation has proved to be a mere blister to reap political dividends while the real offenders have escaped". The Congress leader also cited both demonetisation and GST as the main cause behind the unprecedented growth of imports, which rose by 23 per cent in a year. Modi must accept his mistake and work towards rebuilding the economy, Dr Singh further said. I remember feeling shocked when I heard the Prime Minister's announcement, and I wondered who advised him to inflict such a reckless step on our nation, and whether any considered thought went into it'.

Jaitley took a dig at Manmohann Singh, saying "anti-black money drive is (an) ethical drive, a moral step and what is morally and ethically correct has to be politically correct".

PM Modi announced on November 8 a year ago the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption.

During his speech, he said that none of the stated objectives of eliminating black money, terror financing and counterfeit currency have been met.

"Demonetisation, poor implementation of GST (goods and services tax) and the rise of tax terrorism under the guise of controlling corruption have seriously damaged the investment climate for small businesses", Singh added. "We never took such a drastic measure because in our reasoned analysis, the costs of demonetisation always exceeded the benefits substantially", he said. "Manmohan Singhji has said that note ban was a dacoity".

"The fact that more than 99 percent of demonetised currency came back into the banking system, has punctured the government's claims". "Less cash in the system may not end corruption but makes corruption hard", he said, claiming terror funding had been "squeezed" after demonetisation. It has broken the back of small and medium businesses in India.

"Reduction in incidents of stone-pelting, protests in J&K and Naxal activities in LWE affected districts are also attributed to the impact of demonetisation as these miscreants have run out of cash", Jaitley said.

"Even this is bound to be a gross underestimate as the pain of the informal sector is not adequately captured in the GDP calculations". Every one per cent loss of GDP costs our nation Rs 1.5 lakh crore. Instead of providing relief to the poor and the marginalized, farmers traders and the small and medium business, who suffered the repercussions of demonetization, the government is still claiming it to the right moves and that the Indian economy was on the right track and it furthermore to increase the suffering thrust the badly-designed GST. The government did not heed to our advice on demonetisation.

Demonetisation was an attack on the independence and credibility of the RBI as an institution. Singh said the country's import in first half of 2016- 17 stood at Rs 1.96 lakh crore, whereas it increased to Rs 2.41lakh crore in 2017-18.

Calling the withdrawing of 86 per cent of legal tender in one single stroke as undemocratic and a coercive move, the former Prime Minister said "the demonetisation was clearly not the solution" to end the menace of black money and tax evasion in India.

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