Taking a dig at the Shiromani Akali Dal-Bhartiya Janta Party (SAD-BJP) government in the Indian state of Punjab, former prime minister Dr Manmohan Singh said that the alliance is responsible for wrecking the state&#39;s economy.&nbsp;

Dr Manmohan Singh &nbsp;released the Congress&#39; manifesto for the upcoming Punjab Assembly polls today.&nbsp;The manifesto promises loan waiver and free power to farmers, wiping out of drug trade within a month, stipend of Rs 2,500 per month to unemployed youth, free smart mobile phones to youth and free textbooks to all children.

The former prime minister expressed confidence that the leadership of the Congress&#39; chief ministerial candidate, Captain Amarinder Singh, will bring a better future for the state.

While lashing out at the state government for mismanaging the state, the Dr Singh told the media that &quot;the people of Punjab need a better tomorrow.&quot;

He further added that &quot;this election manifesto is a visionary document, which promises the people of Punjab that we will undo the damage done to the economy by the previous government in the last years&quot;.&nbsp;

&quot;The government has not been able to harness the potential of the state,&quot; Dr Singh, who is the head of the Punjab manifesto committee said.

On the fiscal situation of Punjab&#39;s finances, the former prime minister, who is also an acclaimed economist, said that &quot;the fiscal mismanagement in Punjab under the present government is unprecedented.&quot;

He expressed hope that &quot;Amarinder Singh&#39;s government will undo all this damage and set a new path for a better tomorrow which will see that the people of Punjab will have the highest per capita income, better distribution of income, better employment prospects for the youth and better infrastructure and social structure development.&quot;

Speaking on the occasion, Captain Amarinder Singh&nbsp;promised jobs, a new industrial policy, and complete&nbsp;crackdown on the drug menace in the state

On the contentious issue of Sutlej-Yamuna link canal, he said that the state does&nbsp;not have any water to share and that a law will be passed for not sharing any of state&#39;s water when the new assembly convenes, PTI reported. &nbsp;

The former prime minister&#39;s last big intervention in Rajya Sabha on the issue of demonetisation had generated lot of attention because of its scathing criticism of the policy.&nbsp;

(WION with inputs from ANI)

Dr Manmohan Singh, who is also an acclaimed economist, blamed the government for 'fiscal mismanagement'

Taking a dig at the Shiromani Akali Dal-Bhartiya Janta Party (SAD-BJP) government in the Indian state of Punjab, former prime minister Dr Manmohan Singh said that the alliance is responsible for wrecking the state's economy. Dr Manmohan Singh released the Congress' manifesto for the upcoming Punjab Assembly polls today. The manifesto promises loan waiver and free power to farmers, wiping out of drug trade within a month, stipend of Rs 2,500 per month to unemployed youth, free smart mobile phones to youth and free textbooks to all children. The former prime minister expressed confidence that the leadership of the Congress' chief ministerial candidate, Captain Amarinder Singh, will bring a better future for the state. While lashing out at the state government for mismanaging the state, the Dr Singh told the media that "the people of Punjab need a better tomorrow." He further added that "this election manifesto is a visionary document, which promises the people of Punjab that we will undo the damage done to the economy by the previous government in the last years". "The government has not been able to harness the potential of the state," Dr Singh, who is the head of the Punjab manifesto committee said. On the fiscal situation of Punjab's finances, the former prime minister, who is also an acclaimed economist, said that "the fiscal mismanagement in Punjab under the present government is unprecedented." He expressed hope that "Amarinder Singh's government will undo all this damage and set a new path for a better tomorrow which will see that the people of Punjab will have the highest per capita income, better distribution of income, better employment prospects for the youth and better infrastructure and social structure development." Speaking on the occasion, Captain Amarinder Singh promised jobs, a new industrial policy, and complete crackdown on the drug menace in the state On the contentious issue of Sutlej-Yamuna link canal, he said that the state does not have any water to share and that a law will be passed for not sharing any of state's water when the new assembly convenes, PTI reported. The former prime minister's last big intervention in Rajya Sabha on the issue of demonetisation had generated lot of attention because of its scathing criticism of the policy. (WION with inputs from ANI)

India: Former prime minister Manmohan Singh hits out at ruling SAD-BJP govt, releases Punjab poll manifesto

&quot;It&#39;s a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York.&rdquo; That was Barack Obama for you in May 2009. &#39;Say no to Bangalore and yes to Buffalo,&#39; or so went the slogan at the time, intended to discourage outsourcing of jobs away from American cities such as Buffalo to Bengaluru, formerly Bangalore, in India. But, by the end of October of the same year, Obama, the first Black president in the history of the United States, had already become the first American president ever to personally celebrate Diwali, the Indian festival of lights, at the White House.

For an American president whose two consecutive terms in office straddled two governments in India, one led by Manmohan Singh and the other by Narendra Modi, Obama struck a rapport with both the Indian leaders. He held the elderly Manmohan Singh in respect for his sagacity and economic insights while he considered the relatively younger Narendra Modi as a good friend, to quote White House Deputy Press Secretary Eric Schultz. This, for someone, who, until then, had remained persona non grata for successive American administrations. And Modi reciprocated in equal measure, investing in personalised diplomacy with Obama, and meeting him on at least eight occasions since he came to power in India in 2014. Commentators couldn&#39;t stop gushing about a bromance when Obama visited India as the chief guest for India&#39;s 66th Republic Day celebrations; Modi dropped all honorifics to refer to Obama as Barack.

Obama&#39;s wooing of India, and Indians, continued through his presidency, except on occasions when he got on the wrong side of India. For instance, barely a few weeks after celebrating Diwali at the White House, Obama visited China where he agreed to a joint statement which read, &quot;... two sides welcomed all efforts conducive to peace, stability and development in South Asia. They support the improvement and growth of relations between India and Pakistan.&quot; It was a red rag for New Delhi, which opposed the implicit recognition of China as a regional hegemon or a Group of Two (G2) comprising the US and China.

That was not all. Before his China visit, Obama became the first US president not to welcome Tibetan spiritual leader and Nobel laureate the Dalai Lama to the White House, in deference to his Chinese hosts. But the bonhomie would diminish soon, as subsequent developments suggest, including Obama&#39;s pivot, which was subsequently renamed as rebalance, to Asia and the Hague verdict on the&nbsp;South China Sea. And, to boot, Obama hosted the Dalai Lama on at least four occasions at the White House, most recently in June 2016, drawing vehement protests from Beijing. The Americans defended it by saying that the Dalai Lama was received for a personal meeting with Obama in the Map Room of the White House, and not the Oval Office, which generally is reserved for heads of state or government.

In fact, even before he was sworn in as the 44th president of the US in January 2009, Obama raised New Delhi&#39;s hackles by talking about Kashmir and how he wanted to appoint someone such as former US president Bill Clinton to mediate between India and Pakistan. India also vociferously protested any move by the US to appoint a special envoy for the India-Pakistan-Afghanistan region. Obama has the distinction of introducing Af-Pak into the lexicon, when he appointed the late Richard Holbrooke as the first special envoy to Afghanistan and Pakistan.&nbsp;

The &quot;breakthrough understanding&quot; reached between Obama and Modi was another milestone in India-US relations under Obama. It accelerated the process of allowing nuclear contracts to be signed between US firms and India. This, in spite of the fact that Obama, when he was a Senator, had raised potential non-proliferation consequences of this deal and pushed two amendments that changed the terms of the agreement.

An indication of the deepening strategic ties between India and the US can be had from Obama&#39;s description of the bilateral relationship as &quot;one of the defining partnerships of the 21st century&quot;. And it manifested itself in Obama&#39;s becoming the first US president to visit India twice while in office. Towards the end of his second term, Obama approved a legislation that designated India as a &quot;major defence partner&quot;, a definition the US has not used for any other country.

Modi best summed up the blossoming of the India-US relations under Obama when he told the US Congress, &quot;Today, our relationship has overcome the hesitations of history. Comfort, candour and convergence define our conversations.&quot;

(WION)

For an American president whose two terms in office straddled two governments in India, Obama struck a rapport with both the Indian leaders

"It's a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York.” That was Barack Obama for you in May 2009. 'Say no to Bangalore and yes to Buffalo,' or so went the slogan at the time, intended to discourage outsourcing of jobs away from American cities such as Buffalo to Bengaluru, formerly Bangalore, in India. But, by the end of October of the same year, Obama, the first Black president in the history of the United States, had already become the first American president ever to personally celebrate Diwali, the Indian festival of lights, at the White House. For an American president whose two consecutive terms in office straddled two governments in India, one led by Manmohan Singh and the other by Narendra Modi, Obama struck a rapport with both the Indian leaders. He held the elderly Manmohan Singh in respect for his sagacity and economic insights while he considered the relatively younger Narendra Modi as a good friend, to quote White House Deputy Press Secretary Eric Schultz. This, for someone, who, until then, had remained persona non grata for successive American administrations. And Modi reciprocated in equal measure, investing in personalised diplomacy with Obama, and meeting him on at least eight occasions since he came to power in India in 2014. Commentators couldn't stop gushing about a bromance when Obama visited India as the chief guest for India's 66th Republic Day celebrations; Modi dropped all honorifics to refer to Obama as Barack. Obama's wooing of India, and Indians, continued through his presidency, except on occasions when he got on the wrong side of India. For instance, barely a few weeks after celebrating Diwali at the White House, Obama visited China where he agreed to a joint statement which read, "... two sides welcomed all efforts conducive to peace, stability and development in South Asia. They support the improvement and growth of relations between India and Pakistan." It was a red rag for New Delhi, which opposed the implicit recognition of China as a regional hegemon or a Group of Two (G2) comprising the US and China. That was not all. Before his China visit, Obama became the first US president not to welcome Tibetan spiritual leader and Nobel laureate the Dalai Lama to the White House, in deference to his Chinese hosts. But the bonhomie would diminish soon, as subsequent developments suggest, including Obama's pivot, which was subsequently renamed as rebalance, to Asia and the Hague verdict on the South China Sea. And, to boot, Obama hosted the Dalai Lama on at least four occasions at the White House, most recently in June 2016, drawing vehement protests from Beijing. The Americans defended it by saying that the Dalai Lama was received for a personal meeting with Obama in the Map Room of the White House, and not the Oval Office, which generally is reserved for heads of state or government. In fact, even before he was sworn in as the 44th president of the US in January 2009, Obama raised New Delhi's hackles by talking about Kashmir and how he wanted to appoint someone such as former US president Bill Clinton to mediate between India and Pakistan. India also vociferously protested any move by the US to appoint a special envoy for the India-Pakistan-Afghanistan region. Obama has the distinction of introducing Af-Pak into the lexicon, when he appointed the late Richard Holbrooke as the first special envoy to Afghanistan and Pakistan. The "breakthrough understanding" reached between Obama and Modi was another milestone in India-US relations under Obama. It accelerated the process of allowing nuclear contracts to be signed between US firms and India. This, in spite of the fact that Obama, when he was a Senator, had raised potential non-proliferation consequences of this deal and pushed two amendments that changed the terms of the agreement. An indication of the deepening strategic ties between India and the US can be had from Obama's description of the bilateral relationship as "one of the defining partnerships of the 21st century". And it manifested itself in Obama's becoming the first US president to visit India twice while in office. Towards the end of his second term, Obama approved a legislation that designated India as a "major defence partner", a definition the US has not used for any other country. Modi best summed up the blossoming of the India-US relations under Obama when he told the US Congress, "Today, our relationship has overcome the hesitations of history. Comfort, candour and convergence define our conversations." (WION)

A new symphony in play

After his speech in the Rajya Sabha on demonetisation, former Prime Minister Manmohan Singh has elaborated on his comments in a column in The Hindu on Friday.

Singh wrote that in the attempt to crack down on black money, the government had made it easier to generate unaccounted wealth with the introduction of a Rs.2,000 note. &quot;This brazen policy measure has neither tackled the stock of black money holistically nor has it stemmed the flow of it,&quot; he opined.

In his column, Singh acknowledged the intentions of Prime Minister Narendra Modi&#39;s move to crack down on fake currency and black money, calling them &quot;honourable&quot; and deserving of whole-hearted support. However, the former PM derided &quot;the false notion that &lsquo;all cash is black money and all black money is in cash&rsquo;&quot;.&nbsp;

&quot;This is far from reality,&quot; he wrote.

Asserting that 90% of the country&#39;s workforce still earned their wages in cash, Singh said that &quot;cash is the bedrock of the lives of these people&quot;. He added that seeing long lines of poor Indians standing to withdraw money for basic sustenance was &quot;heartbreaking&quot;.

Singh wrote that consumer confidence had taken a hit because of the sudden note ban and that this could lead to &quot;severe economic ramifications&quot;. &quot;The macroeconomic impact of this decision of the government is likely to be hazardous,&quot; he said.

The former PM warned of tough times in the next several months as the &quot;ripple effects&quot; of the demonetization decision would be felt on GDP growth and job creation.

Speech in Rajya Sabha 
On Nov 24, in a speech in that Parliament, Singh had termed the roll out of demonetization as &quot;monumental mismanagement&quot; and a case of &quot; organised loot and legalised plunder.&quot;

Singh, who was fielded by the Congress to take on the government made an uncharacteristically hard-hitting speech in the Rajya Sabha in the presence of Modi. The economist- politician said the drive will result in a decline of 2% in GDP and went ahead to warn that it could be an &quot;under estimation&quot;.

&quot;These measures convinced me that the way the scheme has been implemented, it&#39;s a monumental management failure. And, in fact, it is a case of organised loot and legalised plunder. It is not my intention to pick holes what this side or other side does. But I sincerely hope that the PM even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country,&quot; a usually reticent Singh said, attacking the Modi dispensation.

Singh claimed agriculture, the unorganised sector and small industries have been hit hard by demonetization and people were losing faith in the currency and banking system.

&quot;My own feeling is that the national income, that is the GDP of the country, can decline by about 2 percentage points as a result of what has been done. This is an under estimate and not an over estimate. Therefore, I feel the Prime Minister must come with some constructive proposal on how we can implement the scheme and at the same time prevent the distrust that has been caused to the common people,&quot; Singh said.

The BJP later hit out at the former Prime Minister, saying he &quot;lacks credibility&quot; for such an attack as he himself headed the most &quot;corrupt regime ever&quot;. &quot;Manmohan Singh attacking this government for fight against black money lacks credibility. He himself in his 10 years&#39; regime, had not only failed in tackling black money, but is seen as heading the (most) corrupt regime ever in this country. He was responsible for accumulation of black money,&quot; BJP General Secretary said on December 4.

(This report first appeared in DNA)

The former India PM warned of tough months ahead as the 'ripple effects' of demonetisation are felt

After his speech in the Rajya Sabha on demonetisation, former Prime Minister Manmohan Singh has elaborated on his comments in a column in The Hindu on Friday. Singh wrote that in the attempt to crack down on black money, the government had made it easier to generate unaccounted wealth with the introduction of a Rs.2,000 note. "This brazen policy measure has neither tackled the stock of black money holistically nor has it stemmed the flow of it," he opined. In his column, Singh acknowledged the intentions of Prime Minister Narendra Modi's move to crack down on fake currency and black money, calling them "honourable" and deserving of whole-hearted support. However, the former PM derided "the false notion that ‘all cash is black money and all black money is in cash’". "This is far from reality," he wrote. Asserting that 90% of the country's workforce still earned their wages in cash, Singh said that "cash is the bedrock of the lives of these people". He added that seeing long lines of poor Indians standing to withdraw money for basic sustenance was "heartbreaking". Singh wrote that consumer confidence had taken a hit because of the sudden note ban and that this could lead to "severe economic ramifications". "The macroeconomic impact of this decision of the government is likely to be hazardous," he said. The former PM warned of tough times in the next several months as the "ripple effects" of the demonetization decision would be felt on GDP growth and job creation. Speech in Rajya Sabha On Nov 24, in a speech in that Parliament, Singh had termed the roll out of demonetization as "monumental mismanagement" and a case of " organised loot and legalised plunder." Singh, who was fielded by the Congress to take on the government made an uncharacteristically hard-hitting speech in the Rajya Sabha in the presence of Modi. The economist- politician said the drive will result in a decline of 2% in GDP and went ahead to warn that it could be an "under estimation". "These measures convinced me that the way the scheme has been implemented, it's a monumental management failure. And, in fact, it is a case of organised loot and legalised plunder. It is not my intention to pick holes what this side or other side does. But I sincerely hope that the PM even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country," a usually reticent Singh said, attacking the Modi dispensation. Singh claimed agriculture, the unorganised sector and small industries have been hit hard by demonetization and people were losing faith in the currency and banking system. "My own feeling is that the national income, that is the GDP of the country, can decline by about 2 percentage points as a result of what has been done. This is an under estimate and not an over estimate. Therefore, I feel the Prime Minister must come with some constructive proposal on how we can implement the scheme and at the same time prevent the distrust that has been caused to the common people," Singh said. The BJP later hit out at the former Prime Minister, saying he "lacks credibility" for such an attack as he himself headed the most "corrupt regime ever". "Manmohan Singh attacking this government for fight against black money lacks credibility. He himself in his 10 years' regime, had not only failed in tackling black money, but is seen as heading the (most) corrupt regime ever in this country. He was responsible for accumulation of black money," BJP General Secretary said on December 4. (This report first appeared in DNA)

Manmohan Singh: Rs 2,000 note makes it easier to generate unaccounted wealth

Attacking the Modi government, former Prime Minister Manmohan Singh on Thursday called the implementation of demonetisation as &#39;monumental management failure&#39; and urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man.

Here is the complete text of his speech:

<blockquote>
I rise to highlight some of the problems that have arisen after the decision to demonetise Rs500 and Rs1000 currency notes.

Prime minister has been arguing that this is the way to curb black money, to prevent growth of forfeited currency notes and also to help in control of terrorist finance activity.

I do not disagree with these objectives. But what I do want to point out is that in the process of demonetisation, monumental mismanagement has been undertaken [applause] about which there is no opinions in the country as a whole.

Even those who say that this measure will do harm or will cause distress in the short term but be in the interest of the country in the long-run, I am reminded of what John Keynes said once: In the long run, all of us are dead.

And therefore it is important to take note of the grievances of the people, the ordinary people who have suffered as a result of this imposition on the country overnight by the prime minister.

And I say so with all responsibility, that the outcome&hellip; we do not know what will be final outcome. Prime minister has said that we should wait for 50 days. Well, 50 days is a short period, but for those who are poor and deprived section of the community, even 50 days torture can bring about disastrous effect. And that&rsquo;s why about 60 to 65 people have lost their lives. Maybe more.

And what is more is, what has been done can weaken and erode our people&rsquo;s confidence in the currency system and in the banking system. One, I would like to know from the prime minister, the names of any countries he may think of where people have deposited their money in the banks but they are not allowed to withdraw their money. This alone, I think, is enough to condemn what has been done in the name of [inaudible].

And sir, I would further like to point out that in my opinion, this scheme of (de)monetisation, the way it has been implemented will hurt agricultural growth in our country, will hurt small industry, will hurt all those people who are in the informal sectors of the economy. And my own feeling is that the national income, i.e. the GDP of the country, can decline by about two percentage points as a result of what has been done. This is an underestimate, not an overestimate.

Therefore, I feel that the prime minister must come with some construction proposal: How we can implement this scheme and at the same time, prevent this distress that is being caused to the common people?

It is no good that every day the banking system comes with modification of the rules, the conditions under which people can withdraw money. That reflects very poorly on the prime minister&rsquo;s office, on the finance minister&rsquo;s office and on the Reserve Bank of India. I am very sorry that the Reserve Bank of India has been exposed to this sort of criticism, which I think is fully justified.

I, therefore, would not like to say much more than this. I urge upon the prime minister to find practical, pragmatic ways and means to relieve the distress of the people who happen to be a great majority of our people. 
After all, 90 per cent of our people work in the informal sector, 55% of our workers in agriculture are feeling distressed. The cooperative banking system, which serves a large number of people in the rural areas, is non-functional. It has been prevented from handling [inaudible].

So, all these measures convince me that the way this scheme has been implemented is a monumental management failure and in fact, it is a case of organised loot and legalised plunder [inaudible].

With these words, sir, I conclude. It is not my intention to pick holes in what one side does, or another side does. But I sincerely hope that the prime minister will, even at this late hour, will help us to find practical, pragmatic ways and means to provide relief to the suffering people of this country.
</blockquote>

He urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man

Attacking the Modi government, former Prime Minister Manmohan Singh on Thursday called the implementation of demonetisation as 'monumental management failure' and urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man. Here is the complete text of his speech: I rise to highlight some of the problems that have arisen after the decision to demonetise Rs500 and Rs1000 currency notes. Prime minister has been arguing that this is the way to curb black money, to prevent growth of forfeited currency notes and also to help in control of terrorist finance activity. I do not disagree with these objectives. But what I do want to point out is that in the process of demonetisation, monumental mismanagement has been undertaken [applause] about which there is no opinions in the country as a whole. Even those who say that this measure will do harm or will cause distress in the short term but be in the interest of the country in the long-run, I am reminded of what John Keynes said once: In the long run, all of us are dead. And therefore it is important to take note of the grievances of the people, the ordinary people who have suffered as a result of this imposition on the country overnight by the prime minister. And I say so with all responsibility, that the outcome… we do not know what will be final outcome. Prime minister has said that we should wait for 50 days. Well, 50 days is a short period, but for those who are poor and deprived section of the community, even 50 days torture can bring about disastrous effect. And that’s why about 60 to 65 people have lost their lives. Maybe more. And what is more is, what has been done can weaken and erode our people’s confidence in the currency system and in the banking system. One, I would like to know from the prime minister, the names of any countries he may think of where people have deposited their money in the banks but they are not allowed to withdraw their money. This alone, I think, is enough to condemn what has been done in the name of [inaudible]. And sir, I would further like to point out that in my opinion, this scheme of (de)monetisation, the way it has been implemented will hurt agricultural growth in our country, will hurt small industry, will hurt all those people who are in the informal sectors of the economy. And my own feeling is that the national income, i.e. the GDP of the country, can decline by about two percentage points as a result of what has been done. This is an underestimate, not an overestimate. Therefore, I feel that the prime minister must come with some construction proposal: How we can implement this scheme and at the same time, prevent this distress that is being caused to the common people? It is no good that every day the banking system comes with modification of the rules, the conditions under which people can withdraw money. That reflects very poorly on the prime minister’s office, on the finance minister’s office and on the Reserve Bank of India. I am very sorry that the Reserve Bank of India has been exposed to this sort of criticism, which I think is fully justified. I, therefore, would not like to say much more than this. I urge upon the prime minister to find practical, pragmatic ways and means to relieve the distress of the people who happen to be a great majority of our people. After all, 90 per cent of our people work in the informal sector, 55% of our workers in agriculture are feeling distressed. The cooperative banking system, which serves a large number of people in the rural areas, is non-functional. It has been prevented from handling [inaudible]. So, all these measures convince me that the way this scheme has been implemented is a monumental management failure and in fact, it is a case of organised loot and legalised plunder [inaudible]. With these words, sir, I conclude. It is not my intention to pick holes in what one side does, or another side does. But I sincerely hope that the prime minister will, even at this late hour, will help us to find practical, pragmatic ways and means to provide relief to the suffering people of this country.

Demonetisation: What former Prime Minister Manmohan Singh said in Parliament

Attacking the Modi government, former Prime Minister Manmohan Singh on Thursday called the implementation of demonetisation as &#39;monumental management failure&#39; and urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man.

&quot;We don&#39;t disagree with the objective of fighting graft but it was a monumental management failure the way it was done. It&#39;s a case of organised loot and legalised plunder,&quot; Singh said after Rajya Sabha resumed debate on demonetisation in Prime Minister Narendra Modi&#39;s presence.

&quot;It is important to take note of the grievances of the people suffering. 60 to 65 people have lost their lives, what has been done can weaken our people&#39;s confidence in currency and banking system,&quot; he added.

Stating that the PM had asked people to wait for 50 days but for the poor section even 50 days can be detrimental, he said. adding, &quot;I want to ask PM, can he name any country where people have deposited their money but are not able to withdraw it?&quot;

The former prime minister also said that the way demonetisation was implemented would hurt agriculture, small businesses and informal sector and that the GDP would see a decline of at least 2.5%.

Taking on RBI for every day modification of rules, Singh said, &quot;It is not good that every day the banking system comes out with modification. The cooperative banking sector which is serving large number in the rural sector is not operational. PM must come with some constructive proposal on how we can implement the scheme.&quot;

Earlier in the day, opposition parties decided not to hold talks with the government over demonetization till November 28 when they will mark the &#39;Aakrosh Diwas&#39;.

(This article first appeared on DNA)

The former prime minister also said that the way demonetisation was implemented would hurt agriculture, small businesses and informal sector

Attacking the Modi government, former Prime Minister Manmohan Singh on Thursday called the implementation of demonetisation as 'monumental management failure' and urged the Prime Minister to find a practical and pragmatic solution to give relief to the common man. "We don't disagree with the objective of fighting graft but it was a monumental management failure the way it was done. It's a case of organised loot and legalised plunder," Singh said after Rajya Sabha resumed debate on demonetisation in Prime Minister Narendra Modi's presence. "It is important to take note of the grievances of the people suffering. 60 to 65 people have lost their lives, what has been done can weaken our people's confidence in currency and banking system," he added. Stating that the PM had asked people to wait for 50 days but for the poor section even 50 days can be detrimental, he said. adding, "I want to ask PM, can he name any country where people have deposited their money but are not able to withdraw it?" The former prime minister also said that the way demonetisation was implemented would hurt agriculture, small businesses and informal sector and that the GDP would see a decline of at least 2.5%. Taking on RBI for every day modification of rules, Singh said, "It is not good that every day the banking system comes out with modification. The cooperative banking sector which is serving large number in the rural sector is not operational. PM must come with some constructive proposal on how we can implement the scheme." Earlier in the day, opposition parties decided not to hold talks with the government over demonetization till November 28 when they will mark the 'Aakrosh Diwas'. (This article first appeared on DNA)

Demonetisation 'monumental management failure', find practical solution: Former PM to govt

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India: Former prime minister Manmohan Singh hits out at ruling SAD-BJP govt, releases Punjab poll manifesto

A new symphony in play

Manmohan Singh: Rs 2,000 note makes it easier to generate unaccounted wealth

Demonetisation: What former Prime Minister Manmohan Singh said in Parliament

Demonetisation 'monumental management failure', find practical solution: Former PM to govt