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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.
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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.
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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.





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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