Ex-PM Manmohan Singh breaks silence in RS, calls demonetization a ‘monumental mismanagement’

Published: 24th November 2016, in New Indian Express

James Kottor(Note: Dr. Manmohan Sigh, the former PM was the focus of attention during the debate on demonetization in the Rajya Sabha. The one unforgettable take away from his speech was  this: "We don't disagree with the objective of fighting graft but it was a monumental management failure the way it was done. It's a case of organised loot and legalised plunder." It was received with thunderous clapping and the PM Modiji, one of the listeners had to gulp down the humiliating bitter pill. In one sentence Manmohan summarized the sentiment of all those who opposed modi. CCV said it at the very outset, only not so beautifully, graphically and emphatically.

And the one question he threw up for Modi to answer was:  "I want to ask PM, can he name any country where people have deposited their money but are not able to withdraw it?" It must have simply dumbfounded him.  He also pointed out as the unforgettable black spot of his move, the death of some 65 poor people who stood in the queue to withdraw money and predicted it would cost the country at a dip of at 2% in the country’s GDP. His observations had the mark of an expert in  Economics. james kottoor, editor).

NEW DELHI:  Former Prime Minister Manmohan Singh on Thursday termed government’s demonetization as monumental management failure and urged Prime Minister, Narendra Modi to find a practical and pragmatic solution to deal with black money.

"I want to ask PM, can he name any country where people have deposited their money but are not able to withdraw it?", said Manmohan Singh in the Rajya Sabha, attacking Modi’s decision on demonetizing Rs 500 and Rs 1000 currency notes, as Modi looked at him.

The PM turned up before the House after relentless opposition continued with their demand for the PM to be present during the discussion on demonetization, for the seventh day since the Parliament started on November 16.

The House was suspended half an hour after it met at 11 am with angry opposition persisted with their demand for the PM to be present at the discussion.

Manmohan Singh who was allowed to speak on demonetization after the PM Modi came to the House at 12 noon accused Narendra Modi government for hurting agriculture, small businesses and informal sector and stated that the GDP would see a decline of at least 2 % due to demonetization.

"We don't disagree with the objective of fighting graft but it was a monumental management failure the way it was done. It's a case of organised loot and legalised plunder," Singh said after Rajya Sabha resumed debate on demonetisation in Prime Minister Narendra Modi's presence.

"It is important to take note of the grievances of the people suffering. Around 60 to 65 people have lost their lives, what has been done can weaken our people's confidence in currency and banking system," he pointed out.

Stating that the PM had asked people to wait for 50 days but for the poor section even 50 days can be detrimental, Singh pointed out. He also expressed concern over RBI modifying rules repeatedly. "It is not good that every day the banking system comes out with modification. The cooperative banks which are serving larger part of rural India is not operational. PM must come with some constructive proposal on how we can implement the scheme."

Soon after Singh ended his speech BSP supremo Mayawati demanded that PM hold fresh elections to know the people's view on demonetisation.

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