Demonetisation was not required at all: Manmohan Singh
Saturday, September 23, 2017 IST
MOHALI (Punjab): Former Prime Minister Manmohan Singh on Friday said the economy is on a "downhill path" because of the "adventure" of demonetisation undertaken last year which was not required at all, either technically or economically.
Manmohan Singh, a renowned economist considered to be the architect of the reforms of early 1990s, said demonetisation has not been successful in any civilised country, except some of the Latin American nation.
"I don't think demonetisation was at all required ... I don't think it was technically, economically necessary to launch this adventure," he said at the Indian School of Business (ISB) Leadership Summit here when asked if the note ban decision was the right one.
Prime Minister Narendra Modi had announced on November 8 last year scrapping of Rs 500 and Rs 1000 currency notes.
He said the process involved withdrawing almost 86 per cent of the currency from circulation and "there was bound to be fallout which we are all seeing."
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