Next generation will look at demonetisation with great pride: Arun Jaitley

Next generation will look at demonetisation with great pride: Arun Jaitley

Next generation will look at demonetisation with great pride: Arun Jaitley

The former prime minister also criticised the Centre's ambitious Ahmedabad- Mumbai bullet train project and dubbed it an exercise in vanity.

Opposition parties are observing "black day" on Wednesday. "Today, every worldwide agency eulogise the kind of structural reforms India has initiated", said Finance Minister Arun Jaitley in retaliation to Singh's allegations.

Union Finance Minister Arun Jaitley said on Monday that some people have problems in accepting the fact that transactions through the digital mode and banking instruments, spurred because of demonetization, as compared to cash dealings, are going to witness a rapid growth. Making a powerful defence of the exercise on the eve of one year of demonetisation, Jaitley said reform initiatives taken by the BJP-led government had lifted India's stature in the global economy, the measures preventing it from being knocked off the global radar and raising it to a position where all worldwide agencies have been eulogising the structural reforms. "There are also widespread reports of the rich converting their black money into white while the poor suffered", Singh said further. "I wondered who advised him to inflict such a reckless step on our nation, and whether any considered thought went into it", he said.

Jaitley took a dig at Manmohann Singh, saying "anti-black money drive is (an) ethical drive, a moral step and what is morally and ethically correct has to be politically correct". "Demonetisation has proved to be a mere bluster to reap political dividends while the real offenders have escaped", he said, again calling it "an organised loot and legalised plunder". The BJP, on the other hand, will counter the move by celebrating the first anniversary of the financial decision as "anti-black money". It had been suggested many times in the past as well, but as a responsible government, we never took such a drastic measure. He said "they had big bags and garages full of notes which were banned due to the decision".

He also alleged that the fact that nearly 99% of the demonetized currency came back into the banking systems has punctured the government's claims.

Demonetisation was an attack on the independence and credibility of the RBI as an institution.

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PM Modi has accused former Prime Minister Indira Gandhi of not going for demonetization when needed, and said he would not have had to carry out the big task if she had taken the step years ago.

These twin blows damaged India's medium and small manufacturing sectors and our businesses had to run to Chinese imports at the cost of Indian jobs, he added. Every one percent loss of GDP annually costs our nation 1.5 lakh crore rupees.

"What is even more tragic is that none of the lessons from this monumental blunder has been learnt by the government, which, instead of providing relief to the needy, chose to inflict on them a badly designed and hastily implemented GST".

Singh said in the interview, "The impact of demonetisation on the weaker sections of our society and business is far more damaging than any economic indicator can reveal".

"This was done by the government without paying any heed to our advice..."

Citing statistics and examples, the former PM pointed out that the UPA's GST envisoned a single tax capped at 18%, while the current one has transformed it into a "complicated mess with multiple slabs".

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