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Manmohan Singh’s Take On PM’s Demonetization Decision Is Full Of Warnings

Published on 9 December, 2016 at 2:25 pm By

“It is my humble opinion that we as a nation should brace ourselves for a tough period over the coming months, needlessly so,” said former prime minister Manmohan Singh.

While writing his opinion on demonetization, former Prime Minister, Manmohan Singh, talks about the disadvantages that are coming along in the package of demonetization in the leading newspaper, ‘The Hindu’.


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Dr. Manmohan Singh wrote about how the government has shattered the faith and confidence of millions of people…

The decision to demonetise will cause grievous injury to the honest Indian who earns wages in cash. It is said that “money is an idea that inspires confidence”. At the stroke of the midnight hour, on November 9, 2016, the confidence of more than a billion Indians was destroyed. Prime Minister Narendra Modi had declared that more than 85 per cent of the value of money held in notes of Rs.500 and Rs.1,000 was worthless overnight, he said.

 

He added,

In one impetuous decision, the Prime Minister has shattered the faith and confidence that hundreds of millions of Indians had reposed in the Government of India to protect them and their money.

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Focusing on the increasing death toll because of demonetization, Singh said,

They save their money in cash which, as it grows, is stored in denominations of Rs 500 and Rs 1,000 notes. To tarnish these as ‘black money’ and throw the lives of these hundreds of millions of poor people in disarray is a mammoth tragedy.

 

He added,

Waging a war on black money may sound enticing. But it cannot entail even a single loss of life of an honest Indian.

 

The article underlines the reality of demonetization that has been kept under the veil since the time it has been implemented.

 

Do you agree with Manmohan Singh’s opinion on demonetization? Do share your views with us in the comments section below!


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