DAINIK NATION BUREAU
Ex-Prime Minister Dr Manmohan Singh has categorically said that the government’s demonetisation adventure, which happened in the month of November-December, was not required while addressing in 15th edition of ISB Leadership Summit 2017 at the Mohali campus of the Indian School of Business on the theme “Transforming Tomorrow: The Future Unraveled”, at Mohali, Punjab. Ironically the summit was inaugurated by vice President M venkiah naidu.
“I don’t think demonetisation was required at all. More than 86 per cent of the country’s currency was demonetised. There was bound to be a fallout. Demonetisation has not been successful in any civilised country. The adventure was not necessary”. Dr Singh added
He had forecasted it months ago that economy will slow down due to demonetization and now it has proven. GST has intensified it. Although GST is good in the long run, but there are glitches. We all want to grow at 7 or 8 per cent. There is a need for political consensus on policy-making.”
Asserting that private investment had gone down by about 5 per cent as compared to the UPA regime, he called for more spending in the health sector. “India is not spending enough on healthcare. Private sector has a role but we cannot rely exclusively on private players,” he added.
Replying to a question, Dr Singh said the government is spending mere 30 percent of the GDP on the public sector. It is far less than other capitalist countries in the world.