Think before implementing any Economic policy: Manmohan Singh attacks Modi govt

Manmohan Singh

New Delhi, Nov 8 : Attacking the Narendra Modi government for the 2016 demonetisation, former Prime Minister Manmohan Singh on Thursday said “how economic misadventures can roil the nation”and urged the Centre  to understand that economic policymaking should be handled with thought and care.”

“I urge the government to restore certainty and visibility in economic policies. Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policymaking should be handled with thought and care.”

Asking the current NDA regime not to indulge in any further unorthodox method  that could destroy the economy , the former finance minister said, “It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets.”

Terming demonetisation an “ill-fated” and “ill-thought” exercise, Singh stated, “Today marks the second anniversary of the ill-fated and ill-thought demonetisation… The havoc that it unleashed on the Indian economy and society is now evident to everyone.

“Notebandi (demonetisation) impacted every single person, regardless of age, gender, religion, occupation or creed,” Singh said in a statement.

“It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time.

“Beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of notebandi are still unravelling.

“Small and medium businesses that are the cornerstone of India’s economy are yet to recover from the demonetisation shock.”

He also said that the step had “a direct impact on employment as the economy continues to struggle to create enough new jobs for our youth”.

“We are yet to understand and experience the full impact of the demonetisation exercise. With a depreciating currency and rising global oil prices, macroeconomic headwinds are also starting to blow now.

 

 

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