Congress spokesperson Abhishek Manu Singhvi has alleged that Prime Minister Narendra Modi's demonetisation decision is driving India towards a job-less economy than cash-less economy. He also accused Mr. Modi of running away from the debate on the 'disastrous' decision.
Mr. Singhvi, who spoke to the reporters at the Telangana Pradesh Congress Committe (TPCC) here, said that within two days of demonetisation, Rs. 65,000 crores of foreign investment was withdrawn from India indicating how the economy is going to suffer. All economists, including the former Prime Minister Manmohan Singh, have said the GDP would see a decline by two percent and that would be a huge impact on the economy.
He said the Indian Statistical Institute has published a report recently stating that the black money in circulation in India was around Rs. 400 crores. "It is a cruel attack on India and Indians," he said adding that Mr. Modi has burnt India in the hope of seeking a ray of sunlight.
Commenting on the changes made by the prime minister and finance minister he said, "So far 105 changes have been made in less than a month on a decision that the Government claims to have planned as a surgical strike," Mr. Singhvi said.
He said the Centre for Monitoring Indian Economy (CMIE) report has revealed that Rs. 1.2 lakh crores was the cost of demonetisation due to loss of wages and logistics in less than a month. “Even if Mr. Modi's schemes achieves 100 per cent success all that it would extract is six per cent cash, which is said to be the unaccounted money in the Indian economy,” the Congress spokesperson added.
Mr. Singhvi argued that Mr. Modi had helped the black money hoarders offering the second Income Disclosure Scheme with 50 per cent penalty. “As per the IT Act black money hoarders attract 132 per cent of penalty while the new scheme is letting them off with just 50 percent. It reflects how the Prime Minister lacks of information and how malafide his intentions are," he said.
TPCC President, N. Uttam Kumar Reddy and senior leaders Mallu Ravi and Dasoju Shravan were among present.
