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Manmohan Singh On Notes Ban : Rajya Sabha Debate on Demonetization

Manmohan Singh On Notes Ban

Rajya Sabha Debate on Demonetization : Manmohan Singh On Notes Ban

  • Prime Minister Narendra Modi was present in parliament as his scheme to abolish 500 and 1,000-rupee notes was labelled “a monumental management failure” by his predecessor, Dr Manmohan Singh.
  • “I do not disagree with these objectives, but there is monumental mismanagement of which there are no two opinions in the country as a whole,” said Dr Singh
  • Dr Singh, a reputed economist, opened the debate in the Rajya Sabha on demonetisation on behalf of his party, the Congress.
  • He said that while he cannot presume to know “the final outcome,” agricultural and economic growth will be dented by the PM’s sudden cancellation on November 8 of the high-denomination currency.
  • “The GDP of the country will decline by about 2 per cent by what has been done. And this is an underestimate and not an overestimate,” said the Congress leader.
READ  GST Bill passed in Rajya Sabha Finally

Manmohan Singh On Notes Ban

  • The opposition has attacked the government for failing to anticipate the shortage of cash that has eclipsed the country since the notes were cancelled with just a few hours of notice.
  • Opposition leaders have been demanding a statement from the PM, while the government, till today, said Finance Minister Arun Jaitley would present the government’s explanation.
  • The government says that 88 billion dollars of old note have been deposited in banks since the ban was called
  • And that new 500 and 2,000-rupee notes are being rushed everyday to banks
Manmohan Singh On Notes BanManmohan Singh On Notes Ban
  • The government has announced urgent measures to help farmers, like allocating 21,000 cores to state-lender NABARD to dispense as loans.
  • The government has also indicated that while it expects a contraction of growth for a quarter, it is prepping a big investment push as compensation.
  • In an emotional speech delivered after his announcement, PM Modi had asked for “just 50 days” to complete his crackdown on black money.
  • “The PM has said wait 50 days, it is a short period, but for the poor and deprived, even 50 days can bring about disastrous effects,” countered Dr Singh in the Rajya Sabha today.
READ  Govt stops Exchange of 500 and 1000 : Where you can use 500 note

 

Dr Singh’s speech was preceded by sparring between opposition leaders and the Finance Minister, who said that the former PM’s comments should be made once the debate was formally initiated.

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Tags : Manmohan Singh,Rajya Sabha,Manmohan Singh speech on note ban,Note Ban,Demonetization,Note ban Rajya Sabha,Manmohan singh speech in rajya sabha


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