Demonetisation is organised loot, In the long run, we’re all dead’ Manmohan Singh took down Modi govt

The former prime minister said that while he did not disagree with the objectives of the move, it was a monumental management failure.

Former Prime Minister Manmohan Singh, in the Rajya Sabha on Thursday, said the government’s move to demonetise Rs 500 and Rs 1,000 notes was a form of “organised loot” and that it would reduce the country’s Gross Domestic Product by 2% or more. Singh, who has also served as the finance minister and is a noted economist, said ordinary people were suffering because of the imposition of the move overnight by Prime Minister Narendra Modi.

“The prime minister has been arguing that this is the way to curb black money, to prevent the growth of fake currency notes and help control terrorism. I do not disagree with these objectives, but in the process of demonetisation, monumental mismanagement has been undertaken.” Singh quoted economist John Maynard Keynes to dismiss the Centre’s defence that the move would help in the long run, saying “In the long run, we are all dead.”

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