The beginning of the end has come: Manmohan Singh on Narendra Modi’s demonetisation

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Updated: January 11, 2017 7:09:07 PM

Manmohan Singh slams Prime Minister Narendra Modi's demonetisation scheme saying it will hurt the economy.

Manmohan Singh slams PM Narendra Modi for his demonetisation scheme at the Jan Dhan Sammelan. (Reuters)Manmohan Singh slams PM Narendra Modi for his demonetisation scheme at the Jan Dhan Sammelan. (Reuters)

Ex-PM, economist, Manmohan Singh on Wednesday called Prime Minister Narender Modi’s claims of India’s robust economy “hollow”. Addressing a Congress party convention in Delhi said that, “Modi Ji’s propaganda of national income going up in last two years has been proven to be hollow.”

He slammed Modi’s demonetisation scheme saying that it is a disaster. It has hurt the country very badly. Things have gone from bad to worse in past few months, he said. According to ANI, Singh said that some say GDP can be as low as 6.3%. We can imagine that what kind of a disaster” (demonetisation is).

Speaking to congress workers in Jan Dhan Sammelan Singh said that he had predicted in November that demonetisation will shave two percentage points off India’s GDP.

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Earlier, Rahul Gandhi said “Today they (BJP) have weakened every institution in the country. For the first time in the history, Prime Minister of India is being ridiculed.”

“Demonetisation is just an excuse. Modi ji knows that he can’t hide behind Yoga, Skill India, Make in India…He has broken the financial spine of India, said Gandhi.

After Gandhi left stage, senior Congress leader P Chidambaram also said that the new economic scheme has has weakened the Indian economy and “inflicted misery” on millions of people. According to ANI reports, Chidambaram said nobody in the world except finance minister Arun Jaitley says that India’s GDP will not be hit due to demonetisation.

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