Manmohan Singh recalls Demonetisation on its 2nd anniversary; says, 'scars of demonetisation more visible with time'

Former Prime Minister Manmohan Singh recalled the two-year-old demonetisation done by BJP-led PM Narendra Modi government as opposition marked the historical note ban as intense political sparring between them and the government.

Congress senior leader, Singh said, "It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time.”

"I urge the government to restore certainty 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 policymaking should be handled with thought and care," said the former prime minister.

As along with assembly polls, Lok Sabha elections are approaching and 'demonetisation' is one of the key points for oppositions to criticize BJP government, oppositions left no stone unturned in naming it.

In a Manmohan Singh Vs Arun Jaitley on note-ban, Finance minister came in to defend demonetisation on its 2nd anniversary. He called the notes to ban a "key step in a chain of important decisions taken by the government to formalize the economy".

While Manmohan Singh called Prime Minister Narendra Modi's overnight ban on Rs. 500 and 1,000 notes on November 8, 2016, an "ill-fated and ill-thought exercise", said, "the havoc it unleashed on the Indian economy and society is now evident to everyone." The cash ban, he said, impacted every single person, regardless of age, gender, religion, occupation or creed.

"Beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of notebandi are still unravelling. Small and medium businesses that are the cornerstone of India's economy are yet to recover from the demonetisation shock," said the former prime minister, a noted economist.