Speaking on the NDA government’s demonetization move, Former Prime Minister Manmohan Singh castigated the government and the Prime Minister over the move on Thursday in Rajya Sabha, saying that its implementation was a monumental management failure and a case of organised loot and legalised plunder, as per the media reports.
Manmohan Singh spoke in the presence of Prime Minister Narendra Modi in Rajya Sabha.
He said the decision will result in decline of GDP by 2 per cent, it being an under-estimate, as per the PTI report.
Singh hoped the PM will find a practical and pragmatic decision to mitigate the sufferings of the common man and the poor who have been in distress after the decision, added the media reports.
According to Singh, agriculture, unorganised sectors and small industry has also been hit hard by it and people were losing faith in the currency and the banking system.
“These measures convinced me that the way the scheme has been implemented, it's a monumental management failure. And in fact, it is a case of organised loot and legalised plunder,” Singh said.
He, however, added that, “It is not my intention to pick holes what this side or other side does. But I sincerely hope that the PM even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country.”