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Posted at: Jan 12, 2017, 1:43 AM; last updated: Jan 12, 2017, 1:43 AM (IST)

Manmohan slams BJP, says worst yet to come

No record of Nov 8 Cabinet meet on note ban: PC

Tribune News Service

New Delhi, January 11

Former Prime Minister Manmohan Singh joined Congress vice-president Rahul Gandhi in predicting the fall of BJP post-demonetisation saying the “beginning of the end has come”.

Addressing Congress’ national convention titled “Jan Vedna Sammelan” against demonetisation here today, Singh projected a dim scenario for India’s economic growth post note ban, saying: “I venture to say that the worst is yet to come.”

Singh based his comment on recent varied projections by rating agencies which have said that India’s GDP growth rate projected a while ago at 7.6 per cent had come down to 7.1 per cent and may even fall as low of 6.3 per cent.

“Modiji keeps saying he is out to transform the country’s economy and that he will bring together all that’s needed to boost the national income. But his claim of rise in national income over the past two years is hollow,” Singh said after his UPA cabinet colleague P Chidambaram revealed that there was no record of the so-called November 8 meeting of the Cabinet to discuss demonetisation.

Both Manmohan and Chidambaram warned of consequences if and when the GDP rate falls due to note ban. Singh has predicted even up to 2 per cent loss in the GDP.

Chidambaram deconstructed demonetisation and challenged the government’s “cashless India” pitch as illegal. “The fact is it is my money. It is my right how I use it,” Chidambaram said referring to developed countries such as Germany, Austria, the US and Australia which he said were using more and not less cash.

Questioning the PM’s three objectives for demonetisation — curbing black money, curbing terror money and fake currency, the former Finance Minister said none had been achieved. He sought compensation for the alleged loss of 100 lives due to note ban saying the move had badly hit the following categories of people — 15 crore who depend on daily work and 30 crore who depend on daily wages.

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