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HomeTop NewsDemonetization is monumental mismanagement, has hit common man: Former PM Manmohan Singh

Demonetization is monumental mismanagement, has hit common man: Former PM Manmohan Singh

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Pointing out the extent of hardship which demonetisation has caused the common man and small businesses, and the likely hit of 2 per cent on GDP, former Prime Minister Manmohan Singh on Thursday said this has been coupled with “monumental” mismanagement in implementation.

“I want to ask the Prime Minister (Narendra Modi) if he can name any country where people have deposited their money but are not able to withdraw it,” Manmohan Singh queried during a statement in the upper house of parliament.

“There has been a monumental mismanagement in implementation of demonetisation. I hope that the prime minister will help us find practical ways to give relief to people who are suffering,” he said, adding 60-65 people have also lost their lives.

“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,” he said. “What has been done can also weaken our people’s confidence in the currency and banking system.”

He said the areas and sectors that have suffered the most are small businesses, farming and cooperative banking, and made an ardent appeal to the government to take note of the grievances of the people.

“Those say demonetisation is good in long run should recall the quote: ‘In the long run we are all dead’.”

Finance minister Arun Jaitley assured the Rajya Sabha that Prime Minister Narendra Modi will participate in the debate on demonetisation.

Replying to the Opposition demands that Modi should be present in the House during the debate, deputy chairman of Rajya Sabha PJ Kurien said: “How can the Prime Minister always sit here. He is also a human being.”

The Prime Minister was present in the Rajya Sabha to attend the debate on demonetisation till lunch break.

Leader of Opposition in Rajya Sabha Ghulam Nabi Azad said: “The Prime Minister should be present in the House for the debate to go on.”

Hitting out at Azad, Leader of the House Jaitley angrily said: “It has become very clear that the Opposition doesn’t want a debate. Now they are finding different ways to run away from the debate. Now, this is a new method.

“The debate should continue. The Prime Minister will participate in the debate. Keeping in mind the traditions of the House, the PM will come to the House and participate in the debate,” he added.

Jaitley added: “There is no tradition that if the debate goes on for 15 hours, he will be there for that long.”

Replying to this, Azad said: “When they (NDA) were in Opposition they had demanded that the Prime Minister should be in the House during the debate on 2G spectrum.”

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