Manmohan Singh says demonetisation scars getting more visible

On the second anniversary of demonetization, former Prime Minister Manmohan Singh said that the scars and wounds from 2016 are only getting more visible with time, adding that the consequences of the note ban are still unraveling.

The Congress is holding nation-wide protests today and has demanded an apology from Prime Minister Narendra Modi for “ruining and wrecking” the economy.

The former Prime Minister has urged the government to restore certainty and visibility in economic policies. “Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policymaking should be handled with thought and care,” he added.

He explained that as small and medium businesses are yet to recover, it has had a direct impact on employment for youth, financial markets and infrastructure lenders and non-bank financial services firms. He said that the demonetisation has impacted everyone single person in the country, regardless of their age, gender, religion, occupation or creed.

Stating that the real depth of the situation is yet unknown, but he said that things do not look well for the Modi government with the depreciating value of the rupee and rise in crude oil prices. He urged the government to restore the transparency in their economic policies and reminds the nation of the consequences of the economic misadventure.

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