Former PM Manmohan Singh, a reputed economist, opened the debate on Thursday in the Rajya Sabha on the government's demonetisation drive on behalf of his party, the Congress.
Singh, during his speech in Rajya Sabha on Thursday, called the demonetisation of high value currency notes as ‘monumental mismanagement’ by the Narendra Modi government. Though he said he did not disagree with the objectives behind the decision, he remarked the GDP of the country could shrink by 2 percentage-points due to the way it has been implemented.
PM Narendra Modi was present in Parliament as his scheme to abolish 500 and 1,000-rupee notes was labelled "a monumental management failure" by his predecessor, Dr Manmohan Singh.
Here are the top quotes of Manmohan Singh's address over the demonetisation move in Rajya Sabha:
1. "I do not disagree with these objectives, but there is monumental mismanagement of which there are no two opinions in the country as a whole," said Dr Singh, whose government was decisively defeated by PM Modi two years ago.
2. 60-65 people have lost their lives, what has been done can weaken our people's confidence in currency and banking system.
3. PM said wait for 50 days but for the poor section even 50 days can be detrimental.
4. I want to ask PM that can he name any country where people have deposited their money but are not able to withdraw it.
5. PM must come with some constructive proposal how we can implement the scheme.
6. Cooperative banking sector which is serving large number in rural sector is not operational.
7. Monumental mismanagement has been undertaken in implementation of demonetisation.
8. I hope that PM will help us find practical ways to give relief to people suffering.
9. Those who say demonetisation is good in the long run should recall quote "In the long run we are all dead.
10. Several deaths and distress among the poor, farmers and small traders convinced him the demonetisation plan led to “organised loot and legalised plunder”.