Slamming the Narendra Modi's government decision of demonetization, former Finance Minister P Chidambaram in a series of tweets called it as the worst example of 'incompetent policy-making.'
Slamming the Narendra Modi's government decision of demonetization, former Finance Minister P Chidambaram in a series of tweets called it as the worst example of incompetent policy-making.
Giving the reference of the Reserve Bank of India's annual report which was released on August 30, the senior Congress leader said that the report had confirmed what many experts were already saying.
Targeting the Centre, he said that the 'main objective of forcing people with black money to suffer losses has failed miserably'.
To prove his point, Chidambaram said that even after the November 8 note ban, fake currency has surfaced, terrorist activity has not abated and black money continues to be generated and used.
Taking a dig at the government, he tweeted, "It is amusing that collecting cash is touted as an achievement. Next, counting the notes in nine months will be claimed as an achievement".
Listing out UPA's achievement, he said that under the previous government the GDP curve had always been between 8-9%. "However, since demonetisation, quarterly growth (and hence annual growth) has settled at between 6-7%", he tweeted.
"The NDA is practising a rare and extreme form of politics that will ultimately wreck both social harmony and the economy", the concerned former finance minister said.
Earlier, after the Central Bank released its annual report, Finance Minister Arun Jaitley defended the government's November 8 decision of currency ban. The Union Finance Minister said that demonetization had an extremely positive effects.
“Object of demonetization was not confiscation of money,” Jaitley said in his address to the media.
“As per the RBI's report the volume of cash currency has come down by 17%,” Jaitley said.
Elaborating on the currency ban, the Finance Minister said, “the object of demonetization was that India is predominantly high cash economy therefore that scenario requires to be significantly altered.”
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