New Delhi: Demonetization, which was announced today in 2016, will be marked in the world economic history because of the “worst policy error”, said Senior Congress leader Jairam Ramesh on Monday.
He also claimed that the decision along with the tax and service tax was in a hurry (GST) “destroyed the backbone of the Indian economy”.
On this day in 2016, Prime Minister Narendra Modi announced a decision to prohibit RS 500 and RS 1,000 currencies.
“With every year, it is increasingly clear that 8.11.2016 will be marked in the world economic history among the worst policy errors anywhere.
Demonnetization together with GST who rushed to destroy the backbone of the Indian economy – MSME and informal sectors especially,” Ramesh tweeted.
The congressional leader along with his tweets also shared a graph by the former Economic Head of Arvind Subramanian and was titled “Although the digital boom, cash back wholeheartedly”.
“First, we were told demonetization means economy without cash.
Soon ‘Sarvagyani’ changes track and says not cash but more cash.
Now, cash circulating above the pre-demonetized level,” he said while taking friction at the prime minister .