SME Times News Bureau | 08 Nov, 2018
Former Prime Minister Manmohan Singh said Indian small and
medium enterprises are yet to recover from the shock of demonetisation.
On the second anniversary of the Modi's 2016 decision to ban
Rs 1,000 and Rs 500 notes, Sinagh said "Small and medium businesses that
are the cornerstone of India's economy are yet to recover from the
A host of Congress leaders came out in stringent criticism
Calling it an "ill-fated" and "ill-thought" exercise, Singh
said the scars and wounds of the decision were only getting more visible with
time and its deeper ramifications were still unravelling.
He asked the government not to indulge in any further unorthodox, short-term
economic measures that could cause more uncertainty in the economy and
Singh said November 8 was a day to remember how economic misadventures can roil
the nation for a long time and asked the government to restore certainty and
visibility in economic policies.
"Today marks the second anniversary of the ill-fated and ill-thought
demonetisation... The havoc that it unleashed on the Indian economy and society
is now evident to everyone.
"It is often said that time is a great healer. But unfortunately, in the
case of demonetisation, the scars and wounds of demonetisation are only getting
more visible with time," he said in a statement.
Singh said that beyond the steep drop in headline GDP growth numbers after
demonetisation, the deeper ramifications of note ban were still unravelling.