With the approach of BJP’s scheduled celebration of anti-black money day, the ex-Prime Minister Manmohan Singh has come up with a vast amount of advice to PM Narendra Modi for ‘rebuilding of the economy’. Singh, also a noted economist, has said that the time for politicking over note ban is over.
“I strongly feel the time for politicking over demonetisation is over. It is time the Prime Minister graciously acknowledges the blunder and seeks support from all to rebuild our economy,” Singh said.
Singh said that impact of demonetisation “on the weaker sections of our society and business is far more damaging than any economic indicator can reveal.” Singh, while speaking to news website BloombergQuint.com, asked PM Modi to work towards making policy solutions to rebuild the Indian economy.
However, Singh agreed that objectives such as a less cash or digital economy are “laudable pursuits.” However, he added, “But we also need to get our economic priorities right”. The ex-prime minister also pointed out that it remains unclear whether these goals of cashless economy will indeed help small enterprises become larger. “That should be our priority. These small and medium enterprises are the backbone of India’s economy and labour markets,” Singh said.
Singh said that demonetisation may result in such inequalities which will be harder to rectify in the future. In a diverse country like India, inequality can prove to be a far greater social malaise than in other homogeneous nations, Singh said.
Meanwhile, addressing a gathering today in Gujarat’s Ahmedabad, Singh said that far from being anti-black money day, 8th November was a black day for the Indian economy. “Tomorrow we mark one year since the disastrous policy was thrust on the people of our country,” Singh said in Gujarat’s Ahmedabad. Slamming the Centre, Singh said that nowhere in the world has any nation taken “such a drastic step that swept off 86% of the currency”.
He also pointed out that demonetisation as a coercive step to promote the less-cash economy. “To promote less cash economy coercive steps like Demonetisation are ineffective,” Singh said.