Surat: Former Indian Prime Minister Manmohan Singh on Saturday said the objectives of demonetisation have not been met by the government and the move has converted black money to white.
He said the poor people of the country have suffered due to the move.
“None of the objectives of demonetisation including curbing counterfeit money, rooting out black money have been met. On the other hand it converted black money to white while poor suffered,” Congress tweeted quoting Singh.
“Demonetisation cost us 1.5 lakh crore in economy. GDP growth rate in 1st quarter fell to 5.7%. Even if the growth reaches to 6.7% in 2017-18, it is still less than UPA’s 10 year average of 10.6%,” he said.
Speaking on China, Singh, who served as the PM from 2004 to 2014, said: “China is benefiting from this blow to Indian Economy. In the first half of 2016-17, India’s imports from China have gone up unprecedented.”
Singh made the remarks while addressing professionals and businessmen in Surat.
The Centre had banned old Rs 500 and Rs. 1000 currency notes in Novemeber 2016.