National / World

Manmohan Singh says country yet to heal after ill-fated demonetisation two years ago


New Delhi, Nov 8 (IT): On the second anniversary of the Modi government’s demonetisation drive that abolished Rs 500 and 1000 notes overnight on November 8, 2016, former Prime Minister Manmohan Singh on Thursday observed that while time heals a lot of wounds, in case of notebandi’, the wounds are only getting more visible.

In a press statement, Singh has referred to the exercise as ill-fated and ill-thought.

Here’s the full statement of the noted economist and former PM:

Today marks the second anniversary of the ill-fated and ill-thought demonetisation exercise that the Narendra Modi government undertook in 2016. The havoc that it unleashed on the Indian economy and society is now evident to everyone. Notebandi impacted every single person, regardless of age, gender, religion, occupation or creed.

It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time.

Beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of notebandi are still unravelling. Small and medium businesses that are the cornerstone of India’s economy are yet to recover from the demonetisation shock. This has had a direct impact on employment as the economy continues to struggle to create enough new jobs for our youth. The financial markets are volatile as the liquidity crisis wrought by demonetisation is taking its eventual toll on infrastructure lenders and non-bank financial services firms. We are yet to understand and experience the full impact of the demonetisation exercise. With a depreciating currency and rising global oil prices, macro-economic headwinds are also starting to blow now.

It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets. I urge the government to restore certainty and visibility in economic policies. Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policymaking should be handled with thought and care.


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Comment on this article

  • Joel, Mangalore/ksa

    Thu, Nov 8 2018

    To stabilize our country economy ,we need a person with sharp brain and knowledge in economy like our x pm . Current people who are rolling our country will make it even worse, they have already made it worse.. they are only building gaint structure ,this will not help our Indian economy.. infact they wasted cr of RS in this...

    DisAgree Agree [9] Reply Report Abuse

  • Indian, Bangalore

    Thu, Nov 8 2018

    Kindly note: In India, henceforth, All Fools Day will be celebrated on November 8.

    DisAgree [2] Agree [27] Reply Report Abuse

  • Cyril, Mangalore

    Thu, Nov 8 2018

    The other day the cartoon who acted in the movie of "The Accidental PM", admitted that he misjudged the Ex- PM and his capabilities. and also regretted.

    DisAgree [1] Agree [34] Reply Report Abuse

  • myna, Mysuru

    Thu, Nov 8 2018

    Mr Modi neither had knowledge on good governance nor did he have an advisors who were competent enough to guide him on the path to economic progress. His arrogance cost the nation in terms of development and destruction of the sound economy left behind by Dr Manmohan Singh. Yet Mr Modi goes on shamelessly with his bundle of lies and false promises. Nation is tired of this hollow chested man who neither has a heart nor a brain in his upper chamber.

    DisAgree [1] Agree [42] Reply Report Abuse

  • Pais, Mangalore

    Thu, Nov 8 2018

    To all those Andha Bhakths who are asking why our honorable Ex PM was silent when all the so called scams happening around him and didnt say anything then?? Well you are you not asking the same question to your Fakendra- Why has he not done anything about those so called scams that the Pee party claimed happened before 2014? why are those so called scamsters still free and no investigation or none are convicted? Hasnt this Cowernment been in power for over 4 yrs now??? Is it in Silent Niddey mode??

    I guess it is in Silent Niddey mode, as Fakendra is not speaking about Rafale, Adani Power scam, Vyapam Scam, UTI Scam, HUDCO scam, Chikki Scam, Balco Scam, Jay Shah, Nirav Modi, Lalit Modi scams, SSC scam, GSPC scam, etc, etc.. this list is still increasing and all this in 4 years only.... Wah Fekuji Wah...

    DisAgree [3] Agree [38] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    Pais, Mangalore
    You are right that scamsters are free. But even if they were jailed, they would get bail quickly , just like the NH case.. Our judiciary system needs a change.
    And you can keep posting these 'imaginary' scams here. MMS helped Modi come to power. His silence destroyed CONgress. Your prince doesn't utter a word about the scams happened during the ten year rule.

    DisAgree [31] Agree [3] Reply Report Abuse

  • Manu, Udupi

    Thu, Nov 8 2018

    Pai,
    BJP came to power by telling lies to andh bhakths on development and governance.
    Now BJP catering to fanatics, develop scams and statues and gujjus agenda.

    What's the result of progress after 4 years of BJP rule other than gujjus run away frauding banks. Why congressmen are in jail for their scams.

    BJP simply doesn't know how to rule but taking up releigious issues like sabarimala in bjp's Somalia.

    DisAgree [1] Agree [25] Reply Report Abuse

  • Manu, Udupi

    Thu, Nov 8 2018

    I mean - raking up religious issues in Kerala which is refereed as Somalia by PM

    DisAgree [1] Agree [16] Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    @ pai mam, congratulations 2 u. henceforth aallll fools day will be celebrated on November 8th.

    DisAgree Agree [7] Report Abuse

  • sandesh, mangalore

    Fri, Nov 9 2018

    modi govt not able to register a..single corruption case against ..sonia ..and rahul ...NH case... private complaint by subramanyam swamy ...pending in city metropolitan court ..delhi ..

    DisAgree Agree [2] Reply Report Abuse

  • SMR, Karkala

    Thu, Nov 8 2018

    Prime Minister Modi's 'Entire political science' degree and the results of 'Demonetisation are both blunders.

    Only Chaiwala can say 'Brain drain' is good for the nation and ask the postgraduates to take Pakoda business.

    Why don't RSS-BJP leaders send their children to reputed university abroad and why don't take 'Pokada business' with pure Desi Cow milk stall?

    2 years after demonetisation, it’s clear that ‘black money’ was neither burned nor drowned in rivers, as the PM had claimed. The rich have become richer and Narendra Modi has gone silent

    If PM Modi should keep his world of 50 days and resign from his post. He is the architect of Indian economic disaster.
    Jai Hind

    DisAgree [2] Agree [30] Reply Report Abuse

  • Clement, Mangalore

    Thu, Nov 8 2018

    MMS you are the great Economist who saved Indian Economy 2 times one in 1990s & another in 2008. We all Indians missing you EXCEPT FEW. We want you again to revive the Indian Economy.

    DisAgree [4] Agree [54] Reply Report Abuse

  • Prakash, Mangalore

    Thu, Nov 8 2018

    Revive the Indian economy or revive the fake 'Gandhi' family???????????????????????

    DisAgree [67] Agree [8] Reply Report Abuse

  • Deepak, mangaluru

    Thu, Nov 8 2018

    Dear Prakash

    You don't understand Economy or you don't want to agree ?

    DisAgree [3] Agree [43] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 8 2018

    Gandhi family did not born on 2014 like many BJP minister, nor did it in 1947. It was a family of barristers at the time of freedom fight. You can estimate their wealth when India was made bankrupt by the British.

    Sonia Gandhi inherited all the wealth what her husband inherited from his mother/grandfather. If you guys are thinking she is rich because pocketing from India's economy, you are mistaken.

    You should instead contemplate about the source of Jay Shah's wealth.

    DisAgree [3] Agree [40] Reply Report Abuse

  • Joel, Mangalore/ksa

    Thu, Nov 8 2018

    Blind bakths don't understand about economy. For them what their boss says is right. And they only know to speak about Congress regime, what Congress did for so many years ?? This is the bakths question. Infact this question is planted by the big boss in the brains of so called bakths.

    DisAgree [1] Agree [8] Report Abuse

  • H SHETTY, Mangalore

    Thu, Nov 8 2018

    Country yet to heal from the effect of reckless loans given by your regime to your cronies and sycophants and all other big scams. In spite of taking huge loans and giving subsidy to people inflation was above 10%. Modi Govt has done a wonderful job of taking action against defrauders, repaying oil bond loans and inflation is now under5%. Oil prices are once again falling. Slaves won't accept this truth because for them religion is more important than development.

    DisAgree [58] Agree [7] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 8 2018

    H.Shetty,

    There is also loud noise about Anil Ambani's 40,000 Crores.

    I am sure MMS is not the one who granted it.

    DisAgree [1] Agree [37] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Thu, Nov 8 2018

    It's widely published in media that earlier RBI GOVERNOR had sent a letter with list of big defaulters to PMO like Mehul, Nirav etc, but they were allowed to escape, and only after that the scam noise was made public, WHY???

    DisAgree Agree [17] Reply Report Abuse

  • Rathnakara A, Shirva

    Thu, Nov 8 2018

    MMS big thief useless guy. Main reason for congress defeat. His so called education is useless, Ootakilla da uppina kaayi, 10 years rule took India 100 yeards backward. All money looted in front of him. Chidu / Pappu / Raja/ Vadra trying to protect themselves with no use. Soon we will see them behind BARS!

    DisAgree [72] Agree [5] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    chichi chiwala choromka chor maha chor rafale chor.

    DisAgree [3] Agree [44] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 8 2018

    Main reason for Congress' defeat is promise of 15L in gift by Modi.

    I am sure nobody will vote for any other party when such dreams are given.

    DisAgree [1] Agree [37] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    Jenifer, Mangalore
    15 lakhs.. LOL

    DisAgree [17] Agree [1] Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Nov 8 2018

    India needs a Educated Finance Minister ...

    DisAgree [2] Agree [58] Reply Report Abuse

  • Rajesh, dubai

    Thu, Nov 8 2018

    You mean like Smriti Irani who got American educational certificate???

    DisAgree [1] Agree [8] Reply Report Abuse

  • vasu, Mangalore

    Thu, Nov 8 2018

    You cannot compare past Vs present.

    Lets get our facts pretty right here.It is Rahul Vs Modi.

    Let the narrative be this and then let the country decide.

    DisAgree [17] Agree [1] Reply Report Abuse

  • Joseph F. Gonsalves, Bannur, Puttur / Mangalore

    Thu, Nov 8 2018

    Demonetisation of Indian Currency was a mismanagement, a Blunder, a calculated Loot and Plunder from the Cow Government.

    Due to Demonetisation:

    Day and night Banks are Looted.
    Economy is in dire dangers, ATM's have no cash,
    Banks are collecting minimum S/B balance 3000 and asks citizens to make online payments.

    UNEDUCATED P.M. AND NON=ECONOMIST FINANCE MINISTER IS IN I.C.U. FOREIGN MINISTER IS JUST REELING AND FEELING ILL WILL.

    VIRTUALLY INDIA HAS A COW GOVERNMENT'S CATTLE CLASS GOVERNANCE


    India is ModiFied into Jobless.
    India is ModiFied into Lynchings.
    India is ModiFied into Corruptions.
    India is ModiFied into No Industries.
    India is ModiFied into Communalist's.
    India is ModiFied into Back door Entries.
    India is ModiFied into Aadar Card for Cows.
    India is ModiFied into men to women Rapists.
    India is ModiFied into Black money into Whites.
    India is ModiFied everything First Time in 71 Years.
    India is ModiFied into Dis-Unity among Communities.
    India is ModiFied into education duplicate Certificates.
    India's GDP is ModiFied into Gobar Declining Productions.
    India is ModiFied into a divide between veg- Non Vegetarians.
    India is ModiFied into soldiers daily dying on the Kashmir Borders.

    DisAgree [7] Agree [50] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    Sirji you speak only when 'they' tell you

    DisAgree [37] Agree [4] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    ಪೆತ್ತ ಸರಕಾರದ ಕೈಕಂಜಿ ದರ್ಜೆದ ಆಡಳಿತ.

    DisAgree [3] Agree [30] Reply Report Abuse

  • Ronald D, Udupi

    Thu, Nov 8 2018

    Demonetization was death nail on small scale business people. Small entrepreneurs, petty contractors and upto medium scale business have crushed under mindless demon....!! Show me one common man who says demonetization has done any good?? Intention may be good but lack of home work and unprofessional implementation killed the economy. Bhakthas may circulate some clips and some news claiming success..... ground reality is different!!! I am not saying Congress would have done magic....but saffron attitude and intolerance has brought the situation to datum....now they are crazy on changing name..and statues!!! Better spend on roads, railways, electricity and developments!!

    DisAgree [5] Agree [38] Reply Report Abuse

  • D'Souza, Mangalore

    Fri, Nov 9 2018

    It is too late now Mr Ronald.

    Statue (costing crores of taxpayers money) has already been unveiled by chaiwala. Eco0nomy is already in a miserable state.

    Since Chaiwala is on a mission of changing names then he should also change the name to "STATUE OF UNITEA."

    DisAgree Agree [2] Reply Report Abuse

  • SAHIL, MANGALURU

    Thu, Nov 8 2018

    Demonetization like slow poison to all bhakths. still can not come out from such wonderful electric low voltage turned high voltage shock.

    DisAgree [5] Agree [37] Reply Report Abuse

  • SK, MANGALORE

    Thu, Nov 8 2018

    Demonetization was a part fekugiri and showbazi business. Nothing seriously achieved other than putting the common man in trouble.

    DisAgree [4] Agree [49] Reply Report Abuse

  • Sanjay, Hebri

    Thu, Nov 8 2018

    MMS given again key by Ital like an ma fia to speak as 2019 election is nearing....

    DisAgree [55] Agree [7] Reply Report Abuse

  • JNB, Mumbai_mangalore

    Thu, Nov 8 2018

    he is not talking about 2019
    He is asking you to celebrate
    2nd NAMO anniversary.

    DisAgree [5] Agree [36] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 8 2018

    Sanjay,

    Who gave key to the Chaiwala ? If he spoke his own words, where is 'Make in India' ?? Did you read that unemployment is two years high ? Why China, France and Japan people got jobs, why the same think did not manufacture in India ?

    Where is black money and 15L ?

    If talk was that lacked, talking Modi should have done the magic ? Hmmm ???

    DisAgree [1] Agree [15] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 8 2018

    MMS talked less, worked more. That's why, petrol, gas, commodities were cheap.

    Modi spoke more, spent more but worked less. Hence everything is expensive.

    DisAgree Agree [12] Reply Report Abuse

  • Indian, Bangalore

    Thu, Nov 8 2018

    "Give me 50 days, else burn me alive", one guy had said two years ago.

    DisAgree [5] Agree [81] Reply Report Abuse

  • Sachin, Mangalore

    Thu, Nov 8 2018

    In a big boost for NDA government, India climbed another 23 points in the World Bank’s ease of doing business index to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS.

    Hope you have read above news, if not read again properly from 131st rank to came on 77th Rank. This will not be easy if demonetization effected Indian economy if there is effect in cash flow and XYZ reasons what MMS is giving.

    DisAgree [53] Agree [7] Reply Report Abuse

  • JNB, Mumbai_mangalore

    Thu, Nov 8 2018

    *You mean PNB and ICICI bank? after lending lot money unofficially?

    DisAgree [5] Agree [31] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    nagpur produced news of business & g.d.p. gobar produced poo.

    DisAgree Agree [14] Reply Report Abuse

  • Mamatha, Mangalore

    Thu, Nov 8 2018

    Country yet to heal after ill-fated your government left office in 2014. when your ministers looting you never opened mouth. Now like a puppet reading out statements. Learn ur basics from chaiwala .. who turned aground the economy - 6 th economic power in world overtaking France.

    DisAgree [61] Agree [12] Reply Report Abuse

  • Sachin, Mangalore

    Thu, Nov 8 2018

    Who gave key to this man now, where he was for last 4 years, Next time he will speak at the time of Mangalore jathre, if some kid will give key for doll which only can speak when you give key. :)

    DisAgree [67] Agree [12] Reply Report Abuse

  • Vasant Raj, Mangalore / Abudhabi

    Thu, Nov 8 2018

    Talking Tom...

    DisAgree [57] Agree [9] Reply Report Abuse

  • Gangaram, Moodbidri

    Thu, Nov 8 2018

    Mangana kaige manikya kottanthe aagide sir........

    moneky dont know the value of a pearls....

    DisAgree [3] Agree [52] Reply Report Abuse

  • Sandhya Kiran Rai, Mangalore

    Thu, Nov 8 2018

    A funny man , who has never won an election , speaking and giving gyan to a democratically elected leader.

    DisAgree [96] Agree [12] Reply Report Abuse

  • Ronald D, Udupi

    Thu, Nov 8 2018

    Sandya, those who know caliber of MMS will not give reckless comments like you! People look upon MMS with respect. During his tenure he saved India from economic disaster.....currently I doubt there is hardly anybody in ruling team with such macroeconomics knowledge!!! A successful person need not be talkative and faku!!

    DisAgree [5] Agree [63] Reply Report Abuse

  • Sandhya Kiran Rai, Mangalore

    Thu, Nov 8 2018

    I am not giving a reckless comment Bro, Its obvious. I do admit , MMS is educated, but he is not efficient , he was just a stooge as the Cong plundered the nation. Hence Indians gave his party what was deserved . I would have said 2014 was a fluke or one time jumla, but the subsequent loss of 22 states by the grand old party reflects the mood . Currently in this regime Indian jumped 23 notches in 'ease of doing business' that never happened in MMS regime, so lets not say that there are no good people around. I think its time for the Cong supporters to bite the bullet and realize their party has fallen from grace of being a singular party that now depends on local regional parties just for survival.

    DisAgree [25] Agree [1] Reply Report Abuse

  • Karthik, Konaje /Navi Mumbai

    Thu, Nov 8 2018

    But the Gyan given to your so called democratically elected leader is like ' Ghorkalla mele neereredanthe'

    DisAgree [2] Agree [21] Reply Report Abuse

  • David Pais, Mangalore

    Fri, Nov 9 2018

    mms has contested elections from rajya sabha. how come u say mms has not won any elections. Jhoot bole kawwa khaate.

    DisAgree Agree [3] Reply Report Abuse

  • Gopala Bangera, UDUPI

    Thu, Nov 8 2018

    Speech is Silver and Silence is Gold now I realized. Hey God forgive us.

    DisAgree [2] Agree [75] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    v miss u dr. manmohanji, your healing touch is needed 2 da indian economy. indians r fed up with petta sarakara.

    DisAgree [8] Agree [83] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    David Pais, Mangalore
    Sir you should ask him why CONgress lost badly

    DisAgree [62] Agree [9] Reply Report Abuse

  • rakesh, mangalore

    Thu, Nov 8 2018

    becoz of boasting and fake promises of BJP

    DisAgree [8] Agree [70] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    rakesh, mangalore
    People here don't want to speak about their party's wrong doings. They always want to point fingers at BJP

    DisAgree [56] Agree [9] Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    @ pai maam, lies & mountains of false promises made bhaktas happy of getting 15 lakhs. india is reeling under da rath & da developments r none other dan hindutva, rest of da developments r @ da snails pace. ask yourself y da bjp scares rahul gandhi congress.

    DisAgree [2] Agree [19] Report Abuse

  • vasu, Mangalore

    Thu, Nov 8 2018

    Only the uneducated people think BJP promised 15 lakhs. The educated class know exactly what he spoke.

    DisAgree [19] Agree [2] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    uneducated & duplicate certificate people speak lies & false promises. he don't know what is india's economy chi chi tu, tu... tuglaq-raaj.

    DisAgree [1] Agree [20] Report Abuse

  • Prakash, Mumbai

    Thu, Nov 8 2018

    MMS now started speaking before if he had spoken so many scams wouldn't have happend and BJP wouldn't have come to power also. MMS is one of the few good congressmen in the party who have forcefully made to sit idle and now forcefully asked him to give statements. when MMS was the PM the same Rahul Baba came and torn some decision made by the MMS in front of the media. Shame on Rahul he never respected such a tall and sincere leader. His curse only now where we can see the congress party

    DisAgree [14] Agree [25] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    If MMS had stopped many of those scams from happening, congress would had still been in power. But there were several other problems too in the country those days like price rise issues, terror attacks.....

    DisAgree [31] Agree [6] Reply Report Abuse

  • gm, manglore

    Thu, Nov 8 2018

    The the price rose to 3 times for almost all items. So what is your point?

    DisAgree [4] Agree [26] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Nov 8 2018

    RBI Governor wants to resign before Thugs take over RBI ...

    DisAgree [4] Agree [69] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Nov 8 2018

    Whatever MMS has expressed is beyond the comprehension of duffers at the helm of affairs and their blind bhakths who only know to drag Rahul Gandhi in each and everything and laugh at their own poor jokes in an attempt to hide the blunders of their idol.

    DisAgree [5] Agree [61] Reply Report Abuse

  • Pai, Mangalore

    Thu, Nov 8 2018

    geoffrey, hat hill
    This so called great economist couldn't even help his party get 100 seats in 2014

    DisAgree [65] Agree [4] Reply Report Abuse

  • gm, mlur

    Thu, Nov 8 2018

    Religion played a very big role over our economy. People do not understand this aspect of economy then how can they select a proper leader? Now again Ram Mandir issue came up, if the people are smart enough they would have asked why didnt't it happen in last four and half years. The promised people are on power but nothing.

    DisAgree [4] Agree [56] Reply Report Abuse

  • Mangalurian, Mangaluru

    Thu, Nov 8 2018

    Most Indians, especially in the BIMARU-Guj belt, believe in magic and not in truthful, simple statements by the real leaders.

    So, various liars and criminals give out plenty of magic. And with that get votes!

    The truthful leaders unfortunately fail in getting enough votes.

    In the Indian democracy, yathaa PRAJA thatha RAJA!

    DisAgree [1] Agree [30] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Nov 8 2018

    economist did not gave false promises & bhaktas like u overwhelmed with mountains of lies.

    DisAgree Agree [13] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Nov 8 2018

    Entire Gujarat knew six months in advance before Demonetization ...

    DisAgree [5] Agree [72] Reply Report Abuse

  • Sachin, Mangalore

    Thu, Nov 8 2018

    You were in Gujrat at that time, How you came to know Sardar patel told you in dreams :)

    DisAgree [37] Agree [4] Reply Report Abuse

  • Sachin, Mangalore

    Thu, Nov 8 2018

    If Modi is going to fart media will come to know before he do, Then how come Media doesn't know when the entire Gujrat know about demonetization 6 months back, please comment logical.

    DisAgree [18] Agree [3] Reply Report Abuse

  • vasu, Mangalore

    Thu, Nov 8 2018

    You are Just throwing some stupid comments without any proof ..Really doing more harm to the country than good.

    DisAgree [13] Agree [3] Reply Report Abuse

  • Navin, Kundapur

    Fri, Nov 9 2018

    Motu shah is good gainer in this demonetisation game..60/40 old to new

    DisAgree Agree [3] Reply Report Abuse

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Title : Manmohan Singh says country yet to heal after ill-fated demonetisation two years ago


 
 
 
 

 
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