Former prime minister Manmohan Singh, expressing concern that growth would plunge after the notes ban, warned on Wednesday that “the worst is yet to come”. Addressing Congress party’s “Jan Vedna” conclave, Dr Singh said, after demonetisation “things are going from bad to worse and that the worst was yet to come”.
Dr Singh was speaking at the Jan Vedna Sammelan called by the Congress to highlight the “disastrous impact” Prime Minister Narendra Modi’s demonetisation move has had on the people. Congress vice-president Rahul Gandhi, former finance minister P Chidambaram and other senior party leaders addressed the session at Talkatora Stadium in the national capital.
Earlier in the day, Rahul said, “Demonetisation is just an excuse. PM Modi knows that he won’t be able to hide in the garb of Yoga and Make in India. When he got worried, he broke the backbone of the Indian economy (through demonetisation),” said Gandhi. “Almost every economist of repute has rebuked demonetisation.”
Chidambaram accused that the note ban saying it would affect the GDP adversely. He also questioned who would compensate those who have lost their lives and livelihoods due to the Modi government’s decision. “I demand that the government pay compensation to the daily wage workers who lost their livelihoods,” he said, adding that 45 crore people lost their livelihood for 70 days “due to one man’s decision.”