Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

2% GDP Drop, Loss of Faith in Currency System: What Manmohan Singh Said

Here, in brief, is Dr Manmohan Singh's take on how the Modi government's step to demonetise Rs 500 and Rs 1,000 notes is affecting the economy:

News18.com

Updated:November 24, 2016, 2:11 PM IST
facebookTwitterskypewhatsapp
2% GDP Drop, Loss of Faith in Currency System: What Manmohan Singh Said
PM Narendra Modi and former PM Manmohan Singh in Rajya Sabha on Thursday.
Loading...

In a rare intervention in Parliament, former Prime Minister Manmohan Singh lashed out against the demonetization drive calling it “organised loot and legalised plunder,” with PM Narendra Modi looking on.

Dr Singh who is also a former finance minister and a former Reserve Bank of India governor said the drive has resulted in people losing faith in the currency and the banking system.

Here, in brief, is Dr Singh's take on how the Modi government's step to demonetise Rs 500 and Rs 1,000 notes is affecting the economy:

*The decision will result in decline of GDP by 2 per cent, it being an under-estimate.

*Agriculture, unorganised sectors and small industry has also been hit hard by it

*People’s confidence in banking system is weakened. We do not know what will be the final outcome of demonetisation. This can erode people’s confidence in the currency system.

*Prime Minister Narendra Modi wants 50 days for demonetisation drive but the poor people in the country still suffer. The PM must provide relief to the sufferings of the people.

*The way the scheme has been implemented, it's a monumental management failure.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Nitya Thirumalai
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results