GET Stock QuotesNews18 APP
News18 English
»
1-min read

Demonetisation Took Away 21,000 Jobs in Surat Alone: Manmohan Singh in Gujarat

During a visit to poll-bound Gujarat, Former Prime Minister Manmohan Singh hits out at Centre over note ban and GST. He said "Demonetisation was organised loot and legalised plunder."

News18.com

Updated:November 8, 2017, 11:22 AM IST
facebookTwittergoogleskypewhatsapp
Demonetisation Took Away 21,000 Jobs in Surat Alone: Manmohan Singh in Gujarat
File photo of Former Prime Minister Manmohan Singh. (Image courtesy: PTI)
Loading...
Ahmedabad: Blaming demonetisation for rampant job losses, Manmohan Singh in an event in Ahmedabad said the textile sector in Surat had to face 21,000 layoffs.

“60,000 looms were discarded in Surat. On an average 35 jobs were lost per loom amounting to 21,000 losses in the city in one specific sector alone,” said Singh.

The former Prime Minister began his speech by blaming demonetisation for more than 100 lives lost “during the chronic days”.

Singh went on to describe the BJP-led government's demonetisation exercise as a reckless step and that scrapping higher value currency notes was organised loot and legalised plunder.

"As I said in the Parliament, demonetisation was organised loot and legalised plunder," he said during his visit to poll-bound Gujarat.

The senior Congress leader also criticised the fact that 99% of the cash came back into bank accounts, “puncturing the idea of eliminating black money”.

Hitting out at the government over the rollout of the Goods and Services Tax, Singh said compliance requirements under GST had become a nightmare for small businesses.

“GST broke the back of the informal sector and seriously impacted the medium and small industries sector,” added Singh.

He also criticised the Centre's ambitious Ahmedabad-Mumbai bullet train project and dubbed it an exercise in vanity.

Singh's visit comes a day before Congress vice president Rahul Gandhi is likely to tour Surat on the anniversary of the government's announcement of the demonetisation exercise. Opposition parties are observing 'black day' on Wednesday.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,139.75 1.17
ICICI Bank 313.35 -1.89
IndusInd Bank 1,626.95 -1.56
Dewan Housing 281.60 -3.64
HDFC Bank 2,008.05 1.32
Company Price Change %Gain
Dewan Housing 281.35 -4.14
Lupin 880.45 4.15
Yes Bank 245.90 -0.32
Reliance 1,139.80 1.19
HUL 1,526.60 -2.68
Top Gainers
Company Price Change %Gain
Dr Reddys Labs 2,566.85 4.75
Cipla 647.85 4.01
Infosys 698.80 2.95
ITC 282.50 2.65
BPCL 296.35 2.58
Company Price Change %Gain
Infosys 699.10 2.95
ITC 281.60 2.51
ONGC 160.00 1.78
TCS 1,949.15 1.60
Sun Pharma 599.50 1.50
Top Losers
Company Price Change %Gain
Bajaj Finserv 5,634.25 -3.08
HUL 1,526.30 -2.76
HPCL 212.50 -2.70
M&M 749.00 -2.54
GAIL 351.05 -2.30
Company Price Change %Gain
HUL 1,526.60 -2.68
M&M 748.60 -2.63
ICICI Bank 313.20 -1.76
Vedanta 210.95 -1.52
Axis Bank 575.85 -1.51

Live TV

Loading...
Loading...