Speaking at the 111th Annual Session and PHD Annual awards for excellence 2016, former Prime Minister Dr Manmohan Singh said that the country needs to create 12 million new jobs every year in order to absorb new entrance to the labor force.
Days back, the former Prime Minister had criticized the Narendra Modi government in the Lok Sabha, over the implementation of the demonetisation policy. Manmohan Singh claimed that the initiative taken by the Prime Minister is a ‘monumental mismanagement’and will result in the fall of GDP by 2 per cent. Manmohan Singh also blamed the central government and the Prime Minister Modi for escalating public distress with his new not-ban policy. Breaking his silence on the demonetisation issue, Singh called the policy a ‘organised loot’ and ‘legalised plunder’.
Questioning Narendra Modi’s implementation of the note ban policy, which also limits the amount to be withdrawn from one’s personal account, Singh said in no country people are deprived of their own money. Singh had also claimed that the ban on currency notes will also affect the agricultural growth, small scale industries and the people working in the informal sectors of the economy.
Citing at least 20 changes in the rules of the demonetisation policy, since its implementation, Singh slammed the government and the Reserve Bank of India (RBI) in the Lok Sabha for a confused implementation and urged the Modi-government to come up with a practical way to curb public distress.
To curb the flow of blackmoney in the country, Prime Minister Narendra Modi on November 8, had implemented the demonetisation policy, following which there had been a ban on the currency notes od the denomination Rs 500 & Rs 1,000.