Manmohan Singh On Notes Ban: “Scars More Visible With Time”

Manmohan Singh On Notes Ban: “Scars More Visible With Time”

New Delhi: On the second anniversary of Demonetisation Former Prime Minister Manmohan Singh evaluate his assessment and said “ Time is a great healer. But unfortunately, in the case of demonetization are only getting more visible with time. Mr. Singh further added in his statement that “ I urge the government to restore certainly 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 policy making should be handled with thought and care”

In the same issue the Finance Minister Arun Jaitley has mentioned the reason behind it and said that note ban was the “ key step in a chain of important decisions taken by the government to formalize the economy.” it also made difficult to avoid tax, pushed digital transactions and helped improve tax collection”

However, the Former Minister called this decision of note ban ill-fated and ill-thought exercise and said that it unleashed on the Indian economy and society is now evident to everyone.  The ban on cash is impacted on every single person, regardless of age, gender, religion, occupation or creed.

The Former Prime Minister also mentioned that how its effects on economy and growth of the country he says “ Beyond the steep drop in headline GDP growth numbers after demonetization, the deeper subhead of notebandi are still unraveling. Business like small and medium are the cornerstone of India’s economy are yet recover from the demonetization shock”

Mr. Singh further mentioned that the economic impact has directly shown in 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 demonetization 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 demonetization exercise. With a depreciating currency and rising global oil prices, macroeconomic headwinds are also starting to blow now”

by Priti on November 8, 2018

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