New Delhi, Nov 7: Former Prime Minister Manmohan Singh on Tuesday repeated himself to describe the November 8, 2016 demonetisation move of the Narendra Modi government as an organised loot and plunder.

Speaking at an event in Ahmedabad, Manmohan Singh launched a stinging attack on the Modi government and termed November 8, 2016 as a ‘black day’ for both the economy and democracy of the country.

“I repeat what I said in the parliament, this was organised loot and legalised plunder. 8th November was a black day for our economy and indeed our democracy,” Manmohan Singh said stepping up the Opposition’s protest against demonetisation. The Opposition has announced that it will observe ‘Black Day’ on November 8, the day Prime Minister Narendra Modi declared old Rs 500, 1000 notes illegal.

Here’s What All Manmohan Singh Said: 

    • To promote less cash economy coercive steps like demonetisation are ineffective.
    • No where in the world has any nation taken such a drastic step that sweeped off 86% of the currency.
    • Tomorrow we mark one year since the disastrous policy was thrust on the people of our country.
    • This twin (demonetisation and GST) blow is complete disaster for our economy, it has broken the back of our small businesses.
    • We had to run for Chinese imports at the cost of Indian jobs.
    • In 1st half of 2016-17 India’s imports from China stood at Rs 1. 96 lakh crore. In 2017-18 it increased to Rs 2.41 lakh crore.
    • The fear of tax terrorism has eroded the confidence of Indian business to invest.
    • I can proudly say that we lifted 140 million people out of poverty.
    • Bullet train, launched with much fan fare, is an exercise in vanity.

  • Did PM consider alternative of the high speed train by upgrading broad gauge railway?
  • When undertaking endeavour of One Nation One Tax if PM had taken inspiration from resolve of great Sardar Patel, outcome would’ve been different. 
  • By questioning bullet trains does one become anti-development? Does questioning GST and Demonetisation make one a tax evader?
  • This attitude of suspecting everyone to be thief or anti-national, low level rhetoric is damaging to democratic discourse.

The Congress has scheduled Manmohan Singh’s Gujarat tour at a time the state is witnessing a heated campaigning for the Assembly elections.

Party vice-president Rahul Gandhi has been touring Gujarat, where Assembly elections will be held in two phases on December 9 and 14. Rahul Gandhi has used demonetisation and GST as his two major weapons to attack the Modi government during his Gujarat campaign.

‘Watershed Moment’

While former PM Manmohan Singh described demonetisation as a disastrous step which ruined the country’s economy, Union Finance Minister Arun Jaitley termed it as a “watershed moment in the history of Indian economy”.

Jaitley, in his blogpost which coincided with Manmohan Singh’s speech in Ahmedabad, said demonetisation was step towards curing the “dreaded disease of black money”.

“When the country is participating in “Anti-Black Money Day”, a debate was started that whether the entire exercise of demonetisation has served any intended purpose. This narrative attempts to bring out positive outcomes of demonetisation in short-term and medium-term with respect to stated objectives,” he said.