What did Manmohan singh say on demonetization?

Views of Manmohan Singh of demonetization

On 24 Nov 2016, an unexpected thing occurred. One of the finest and greatest Economists of the world Manmohan Singh gave his view about demonetization which has been implicated by Modi Government. Now let’s check out what did Mr.Manmohan say in his speech (Word by Word):

“I have risen to highlight some of the problems that every reason after the decision to demonetize 500 rupees and 1000 rupees currency notes. Prime Minister has been arguing that this is the way to cut black money to prevent growth up to the fourth feature currency note and also to help in the control of terrorist financing activities."

I do not disagree with these objectives, but I do want to point out that in the process of demonetization monumental mismanagement has been undertaking. About with today, there is known two opinions in the country as a Hope. Even those who say that this mayor will do harm or cause distance in the short term but be in the interest of the country for the long run will I reminded of what John Carry’s said one, in the long-term, all of us are dead. Therefore it is important to take note of the grievances of people. Some ordinary citizens are suffered as a result of this position of the country overnight by The Prime Minister. And I say so with all responsibility that outcome we do not know what will be the final result.

Prime Minister has said that we should wait for 50 days. Well, 50 days is a short period but for those who are poor and deprived section of the community even 50 days’ torture bring about disaster effect and that’s why about 60 to 65 people have lost their life, maybe more. And what is more is what has been done can weaken and erode our people’s confidence in currency system and in the banking system.

The one I want to know from Prime Minister Name of any countries he may think off where people have deposited their money in the bank, but they are not allowed to withdraw it. This along I think enough to condemn what has been done for the greater good of a country.

• I Would Further Like To Find Out That In My Opinion This Scheme Of Demonetization The Way It Is Implemented Will Hurt Agricultural Growth In Our Nation, Will Hurt Small Industries, Will Hurt All Those People Who Are In The Who Are In The Informal Sector Of Economy.

• And My Own Feeling Is That The National Income That Is The ‘Gdp’ Of The Country Can Decline About 2% As A Result Of What Has Been Done.

Therefore I see that the Prime Minister must come with some constructive proposal that how we can implement this thing and at the same time we went this distress that has been passed to the ordinary people. ‘It is no good that every day the banking system comes with a modification of the rules to conditions,’ and the rich people can comment that reflect very poorly on Prime Minister’s office, on the Finance Minister’s office and under deserving of India.

I am very sorry that the RESERVE BANK OF INDIA has been exposed to this sort of criticism which I think is fully justified. I therefore not like to say much more than this. I urge to find Prime Minister to the practical way to relieve the distress of people who happens to be a large majority of our country. After all 90% of our population work in the informal sector. 55% of our workers in agriculture are really distressed before efficient banking system which serves a large number of people in ruler areas are non-functional that has been prevented from handling again.  This scheme on the way it is implemented is an example a blunder. Thank you."