Demonetisation, which was introduced on at the present time in 2016, will be marked on the earth’s financial historical past as among the “worst policy blunders”, senior Congress chief Jairam Ramesh mentioned on Monday.
He additionally claimed that the choice together with a rushed items and companies tax (GST) “destroyed the spine of the Indian economic system”.
On at the present time in 2016, Prime Minister Narendra Modi introduced the choice to ban foreign money notes of Rs 500 and Rs 1,000.
“With each passing 12 months, it’s changing into much more clear that 8.11.2016 will be marked on the earth’s financial historical past among the worst policy blunders anyplace. Demonetisation together with rushed GST destroyed the spine of the Indian economic system — the MSME and casual sectors particularly,” Ramesh tweeted.
The Congress chief alongside together with his tweet additionally shared a graph by former Chief Economic Adviser Arvind Subramanian and it was titled “Despite digital growth, money is again with a vengeance”.
“First, we have been advised demonetisation meant cashless economic system. Soon the ‘sarvagyani’ modified observe and mentioned not cashless however much less money. Now, money in circulation is above pre-demonetisation ranges,” he mentioned whereas taking a swipe on the prime minister.
(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)