Manmohan fears the worst due to DeMo

Tags: News

Former PM rings alarm bells

Former prime minister Manmohan Singh, himself a distinguished economist, sounded yet another word of alarm on demonetisation here on Wednesday.

Amid fears of a decline in the country’s GDP, he cautioned the people that the worse was yet to come in the wake of demonetisation, which he termed as a “disaster.”

At a convention called by Congress on demonetisation, former finance minister P Chidambaram claimed there was no record of the Cabinet meeting of November 8 when the government is said to have taken the decision to withdraw Rs 500 and Rs 1,000 notes.

In his address at the ‘Jan Vedna’ conclave, Singh termed demonetisation as a “disaster” and said things were going from bad to worse and that the worst was yet to come.

He dismissed as “hollow claim” prime minister Narendra Modi’s “propaganda” that things have started looking up.

The former prime minister said it was the “solemn duty” of all Congressmen to tell the people the wrongs that have been done by Modi and that a “clarion call” should be given to the countrymen to “awake and rise” up in protest.

Both Singh and Chidambaram said there would be decline in the country’s gross domestic product (GDP) because of demonetisation.

Chidambaram, in his address, said there is no record of the Cabinet meeting of November 8.

“Where is the cabinet note? Where is the cabinet decision?” he asked. Never before in India’s history such a farce has been enacted, he said and added the reputation of RBI is at risk today.

The government and the central bank generally have differences, but never before a central government has treated RBI like its department, he added.

Chidambaram said even one per cent decline in GDP will lead to a loss of Rs 1.5 lakh crore to the country. He said Congress with utmost courage and wisdom should match every challenge thro­wn by the Modi government. “Only the Congress can sta­nd up to this (challenge).”

The party also issued a statement at the convention that the prime minister mu­st reveal what percentage of the demonetised notes was black money as practically all demonetised notes have been deposited in banks.

“This exposes the hollown­ess of the government cla­i­ms. The PM is masquerading as a crusader against black money and corruption after having singularly failed in fulfilling his promises of retrieving the unaccounted wealth and money stashed abroad,” it said.

Congress said India’s im­a­ge has been tarnished by pr­ojection that its ec­o­nomy was primarily ba­sed on black money. “It’s a matter of conc­ern that during the 50-day ‘notebandi’, an unholy nex­us of certain corrupt BJP le­a­ders, black-marketeers and bankers were sho­wn to be operating by media channels, indulging in illegal conversions of currency,” it said.

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