As note ban completes 1 yr, Manmohan Singh calls it ‘Govt’s biggest mistake’

As note ban completes 1 yr, Manmohan Singh calls it ‘Govt’s biggest mistake’

By: || Updated: 07 Nov 2017 01:31 PM

Former Prime Minister Manmohan Singh lashes out at Government over demonetisation move/ Image: PTI/File

New Delhi: As Government’s demonetisation move completes one year, government has been trying hard to convince people that it has done a lot of good to the economy and the common man. On the other hand, opposition is take jibes on the government over the same.

Lashing at the Government for its note ban move, former Prime Minister Manmohan Singh on Tuesday called demonetisation as ‘government’s big mistake’.

The statement was made by Manmohan Singh while he was giving an interview to a website ahead of his Gujarat tour. Manmohan Singh also urged Prime Minister Narendra Modi to accept his mistake as “this move led to increase in inequality in the society”.

He further said, “Note ban is proving to be a disastrous financial move and has led to major financial, social and institutional losses”.

Manmohan Singh further said that "China has benefited from the losses India had to bear because of demonetisation and GST".

He also said, “The effect of demonetisation was seen on small and medium enterprises, where there are no jobs anymore”.”Falling of GDP is an indicator of loss in economy and the same has majorly affected the poor and businessmen”, former PM added.

Manmohan had slammed government immediately after demonetisation  ove and had predicted that the same would lead to fall in GDP by 2%.

GDP was at 7.4% before demonetisation, whereas after note ban GDP came down to 6.1%.

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