Manmohan makes a scorching attack on demonetization; PM calls Cabinet Meeting

Nobody has expected that – the ruling BJP or even the Congress. Former PM and economist – Manmohan Singh made a scorching attack on demonetization. In a solo performance at Rajaya Sabha, Dr Singh who is known as the father of India’s economic reforms, described currency ban as an ‘organized loot and a legalized plunder’.

His words were sharp as he asked the PM to name even a single country where people were not allowed to withdraw their deposits.

After Dr Singh’s attack, Prime Minister Narendra Modi left the Rajya Sabha without making a reply. He is expected to make his point on Friday.

Manmohan Singh who was attending the Parliament after a long gap, explained demonetization as a ‘monumental mismanagement’. Most of his words have concentrated on the economic side though his aggression was a new element. Dr Singh, who worked in the past as the RBI Governor, supported PM’s intention of eradicating black money and it seemed his arguments as apolitical.

This is the first time that a credible voice is raising against the hastily implemented currency ban. Manmohan’s fight has a credibility as he is considered to be the only knowledgeable person among politicians who supports or denounce the currency ban.

Dr Singh’s status as a renowned economist despite being a low-profile Congressman will make the demonetization debate intense. So far, the pro-demonetization camp ruled public arena and after Dr Singh’s ambush, a total reinforcement of the supporters are expected in the coming days.

The former PM criticized the argument that demonetization will bring comfort in the long run. Taking out the statement of the founder of Macroeconomics Sir John Maynard Keynes, he laughed that “in the long run we are all dead.”