Free Press Journal

Demonetisation was a big lie, says Chidambaram


New Delhi : Former Prime Minister Manmohan Singh on Sunday blasted Prime Minister Modi for talking about doubling the farmers’ income at the Krishi Mela here a day ago, while his finance minister P Chidambaram damned the government for big lies in demonetisation and fleecing people with the GST that destroyed thousands of businesses and lakhs of jobs.

“For doubling farmers’ income, you need a growth rate of 12 per cent per annum, which is unthinkable in the current scenario and so it will be yet another jumla,” Dr Manmohan Singh said while speaking on the economic resolution moved on the last day of the 2-day AICC plenary session here by Chidambaram.

Dr Singh tried to bring the focus on how his UPA government had made the Indian economy grow at a high rate in its 10 years in power, and said his successor had messed up the economy. “During the 10 years of UPA rule, for the first time in history, India grew at 7.8 per cent annually.”

“I am not boasting of manufacturing numbers, but the Economic Survey 2017-18 says itself all that needs to be done. The Economic Survey brings out inadequacies of the BJP government in handling the social and economic problems of the country,” he said. Noting that the stagnated economy in the last four years failed to solve the economic and social challengers, he said the Congress will have to show new path on coming to power.

Taking on the 2016 demonetisation, he did not spare the Reserve Bank of India (RBI) as it is still counting the demonetised notes.

He said during the 10 years of the UPA, a record 14 crore people came above the poverty line, while every financial policy of the Modi government pushed more and more people into poverty.

On the PM”s allegation that the bad loans crisis that banks are facing today was actually a UPA-generated problem. “In our time, bank NPAs (non-performing assets) were Rs 2 lakh crore. Today, it stands at Rs 10 lakh crore, which means even the performing loans have become non-performing,” he said.

ALTERNATE MODEL: Chidambaram also highlighted the promises in the economic resolution on how the Congress will rejig the economy if it came back to power. “We resolved the NPA problem in 2009-10. We provided a record Rs 72,000 cr loan waiver to farmers. We gave education loans,” he said. “We have done it and will do it again. We have a track record for performance.”

He said the GST planned by the UPA government would have brought relief to people and the traders, but the Modi government distorted it to fleece the people. He pointed out taht the GDP during the UPA regime shot up three-and-a-half times from Rs 30 lakh crore to Rs 100 crore and per capita income rose from Rs 25,000 to Rs 80,000 while it is going down in the Modi regime.

‘Demonetised notes are being shredded’

New Delhi: Demonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disposed of through a tendering process, the RBI has said. The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.