Former Prime Minister and economist Manmohan Singh yesterday expressed his concern over outcomes of Demonetization.
He told that the growth would drop and said, “worst is yet to come”.
Dr. Singh, while addressing the Congress “Jan Vedna” conclave described the Demonetisation step as “Disaster”, and commented, “The beginning of the end has come.”
On the other hand, In Gandhinagar, Union Finance Minister, Arun Jaitley, dismissed the fears of a slowdown and said, “Difficult decisions initially pass through difficult phases. The historic decision has temporary pain attached to them…The excessive paper currency has its own vices, leads to its own temptations. We have seen its impact in India.”
Further, Former finance minister P Chidambaram has claimed that there is no record of cabinet meeting of November 8 when PM Modi announced demonetization move.
Dr. Singh said after demonetization, “things are going from bad to worse and that the worst was yet to come”. He dismissed as a hollow claim that the situation has started looking up, and told Congress leaders it was their “solemn duty” to raise awareness on what he called “Modi’s propaganda”.
Both Dr. Singh and Mr. Chidambaram claims that there would be a decline in the country’s GDP or Gross Domestic Product because of the notes ban, which wiped out 86 percent of the cash in circulation.