Direct employment was affected by the ill-thought process of demonetization, leading to a steep drop in headline GDP numbers
Former prime minister of the UPA government Dr. Manmohan Singh termed the process of demonetization as an “economic misadventure” which unleashed havoc on the Indian economy and the society since its implementation in 2016, claiming that it has not spared anyone regardless of age, gender, religion, occupation or creed.
In a press statement released by the Congress on its Twitter handle, Manmohan Singh has pointed out that small and medium businesses are the cornerstone for the Indian economy and that demonetisation has reeled such an impact that these businesses have not been able to recover from yet.
Notebandi impacted every single person,regardless of age,gender,religion,occupation or creed. It's often said that time is a great healer. But unfortunately,in case of demonetisation, the scars&wounds of demonetisation are only getting more visible with time: Former PM (File pic) pic.twitter.com/QXrVkNSO3e
— ANI (@ANI) November 8, 2018
Singh took on Modi, pointing out at the high rate of unemployment among the youth and the volatile nature of the financial markets owing to the liquidity crisis wrought by demonetisation that has taken a toll on infrastructure lenders and non-financial services firms. Dr. Singh also emphasized that the complete effect of demonetisation was not yet felt and that the depreciating currency along with rising global oil prices is leading to macroeconomic headwinds losing their cool.
Former PM Dr. Manmohan Singh's Press Statement on two years of Demonetisation & the devastating impact it had & continues to have on the Indian economy. #DestructionByDemonetisation pic.twitter.com/4d4JE8bdhY
— Congress (@INCIndia) November 8, 2018
Singh further urged the government not to venture into short-term economic measures that could cause more uncertainty in the economy and financial markets. He concluded his statement by asking the government to implement economic decisions with thought and care. The opposition has constantly used demonetisation as one of the major failures of the NDA government, alleging that it has led to a downward spiral of the Indian economy. November 8 marked the second anniversary since Rs 500 and Rs 1000 notes were banned from future use, that drew a lot of flak from the public and the political parties post the implementation.
— Koushik Narayanan (@koushan007) November 8, 2018