Demonetisation, GST helped China as Indian domestic sector faltered: Manmohan Singh

Accept demonetization was a blunder time to rebuild economy Manmohan Singh to PM Narendra Modi

Accept demonetization was a blunder time to rebuild economy Manmohan Singh to PM Narendra Modi

The ruling BJP will be hold "Anti-Black Money Day" celebrations across the country. Though nearly all Opposition parties plan to join in the protest, a decision has been taken to hold agitations on separate platforms.

"We know by now that none of the stated objectives of eliminating black money, terror financing and counterfeit currency have been met". In Ahmedabad on the eve of first anniversary of demonetisation, Singh hit out at Modi government's record on demonetisation, GST and economic growth. Singh also said that in 10 years of UPA-1and UPA-2, they produced 7.8 per cent GDP growth on average.

The former PM said though he would be happy if this happens, he did not think it can.

PM Modi announced on November 8 past year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government's efforts to fight black money and corruption. He added: "Demonetisation has proved to be a mere blister to reap political dividends while the real offenders have escaped".

Describing the BJP-led government's demonetisation exercise as a reckless step, former prime minister Manmohan Singh on Tuesday repeated his statement made in the Rajya Sabha a year ago that scrapping higher value currency notes was organised loot and legalised plunder.

India grew at a modest 5.7 percent in the most recent quarter, triggering fears of a slowdown.

He said it is unjust that resources meant for the country's development and welfare of the poor should be kept in rich people's coffers. I would be happiest person in the world if he can deliver that. "But is he really aware of what it implies?"

Former prime minister Manmohan Singh today alleged that demonetisation and rollout of the Goods and Services Tax (GST) have sown a "deep-rooted fear of tax terrorism" among the business community.

'The bullet train project requires the creation of a parallel infrastructure while our existing passenger rail network is languishing and needs a dire infusion of funds to improve both safety and speed.

Dr Singh however praised Modi's decision to encourage digital economy.

"This status quo needed to be shaken up, and Prime Minister Narendar Modi tried to bring about a change in the system through structural reforms to undo the policy paralysis of the previous Congress government, " Mr Jaitley said.

He said the note ban decision led to a larger formal economy, cleaner economy and bigger tax base and asserted that the government strongly stands by its decision a year after it made the "historic" announcement, marking an "watershed moment" for the economy.

"Anti-black money drive is an ethical drive".

The impending face-off revives the debate on demonetisation, coincidentally in the middle of a campaign for assembly elections in Gujarat and Himachal Pradesh, and puts the spotlight afresh on corruption and black money. "What is ethically and morally correct has to be politically correct", he said.

Excessive cash transaction was leading to tax evasion and honest tax payers suffered "double whammy" as they ended up paying taxes for evaders too, he added.

"To promote a less cash economy coercive steps like demonetisation are ineffective". Data mining has led to identification of 1.8 million bank account holders with disproportionate income, he said.

Singh said, "Demonetisation was an attack on the independence and credibility of the RBI as an institution". Rahul Gandhi will protest in Surat on Wednesday while the Congress will take out nationwide marches. "And today, there isn't an worldwide agency which does not eulogise the kind and quality of the structural reforms Indian is making".

Nearly all Opposition parties including the Congress, TMC and the Left plan to hold rallies across the country to protest demonetisation on Wednesday. The government did not heed to our advice on demonetisation.

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