Note ban, GST only benefited China, says Manmohan

08 November, 2017, 00:38 | Author: Pamela Mathis
  • Narendra Modi GST Himachal Pradesh Gujarat Manmohan Singh Jawaharlal Nehru National Textile Corporation

Singh also slammed bullet train project saying it was an "exercise in vanity" and will "not benefit either 6.5 crore Gujaratis or the nation".

Manmohan Singh criticised the government for an attitude "of suspecting everyone to be a thief or anti-national", and said, "low-level rhetoric is damaging to democratic discourse".

Congress party along with a few other opposition parties have chose to observe 8 Nov as the black day in India.

"Demonetisation has proved to be mere bluster to reap political dividends while the real offenders have escaped". "While denigrating the past, the PM also tends to exaggerate what he will do in the future". The Congress leader also cited both demonetisation and GST as the main cause behind the unprecedented growth of imports, which rose by 23 per cent in a year.

Responding to critics of demonetisation, the Finance Minister said his government did not claim that note ban will put an end to corruption once for all, but it was certain that reducing the circulation of cash in the system had made indulging in corruption a very hard proposition. I remember feeling shocked when I heard the Prime Minister's announcement, and I wondered who advised him to inflict such a reckless step on our nation, and whether any considered thought went into it'. The economist-politician Dr. Manmohan Singh on Tuesday morning reached the poll-bound Gujarat to touch upon various aspects related to note ban as well as the implementation of GST and its impact on the economy. "I repeat, it was organised loot and legalised plunder", Singh said, referring to a similar statement in Parliament past year.

"We know by now that none of the stated objectives of eliminating black money, terror financing and counterfeit currency have been met". But as a responsible government, we never took such a drastic measure because in our reasoned analysis, the costs of demonetisation always exceeded the benefits substantially. "The fact that more than 99 percent of the demonetised currency came back into the banking system has punctured the government's claims", he further added.

These twin blows damaged India's medium and small manufacturing sectors and our businesses had to run to Chinese imports at the cost of Indian jobs, he added.

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PM Modi has accused former Prime Minister Indira Gandhi of not going for demonetization when needed, and said he would not have had to carry out the big task if she had taken the step years ago.

Ahead of the first anniversary of demonetisation on Wednesday, the ruling Bharatiya Janata Party (BJP) and the opposition led by the Congress readied for a showdown, arguing their respective cases on the note ban. "In the first half of fiscal year 2016-17, India's import from China stood at Rs 1.96 lakh crore".

Despite his criticism of government's handling of the economy, the former prime minister said he was in favour of the recently announced plan to recapitalise banks.

"Did the Prime Minister (Narendra Modi) stop to consider the wisdom of the Mahatma while asking the RBI Governor to sign on the dotted line [for demonetisation], or while implementing the GST in haste?"

Calling the withdrawing of 86 per cent of legal tender in one single stroke as undemocratic and a coercive move, the former Prime Minister said "the demonetisation was clearly not the solution" to end the menace of black money and tax evasion in India.

Trinamul Congress chief and West Bengal chief minister Mamata Banerjee also hit out at the government, saying demonetisation was a big scam.

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