Manmohan Singh & Modi
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Eminent economist and former PM Manmohan Singh in a stinging statement has attacked the Modi government for doing demonetization of high note currencies, exactly two years back on 8th November 2016. 
Eminent economist and former PM Manmohan Singh in a stinging statement has attacked the Modi government for doing demonetization of high note currencies, exactly two years back on 8th November 2016. 
Singh warned that thee effects of demonetization are still playing out and indicated that many of the problems economy is currently facing is owing to demonetization. 
 
Dubbing the decision as ' ill-fated and ill-thought', Singh said that the ' havoc that it unleashed on the Indian economy and society is now evident to everyone'.  Singh claimed, "The scars and wounds of demonetization are only getting more visible with time. Beyond the steep drop in headline GDP growth numbers after demonetization, the deeper ramifications of notebandi are still unraveling.
 
Repeating the oft-said allegation, he said that MSMEs are yet to recover from the noteban shock. According to former PM, the shocks economy has faced has resulted in less jobs for the youth.
 
He also connected the problems NBFCs and infrastructural lenders like IL&FS are facing by saying, " The financial markets are volatile as the liquidity crisis wrought by demonetization is taking its eventual toll on infrastructure lenders and non-bank financial services firms."
 
According to him, the full impact of demonetization is yet to be ascertained and 'depreciating currency and rising global oil prices, macro-economic headwinds' are further putting pressure.
 
Calling demonetization an unorthodox, short term economic measure, he said that government should look to restore certainty and visibility in economic policy. Manmohan Singh said," 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.