Manmohan Singh blames ‘needless’ demonetization step for sliding economy

Former Prime Minister Manmohan Singh on Friday said the economy

Former Prime Minister Manmohan Singh on Friday said the economy is on a “downhill path” because of the “adventure” of demonetisation undertaken last year which was not required at all, either technically or economically.

Singh, a renowned economist considered to be the architect of the reforms of early 1990s, said demonetisation has not been successful in any civilised country, except some of the Latin American nation.

“I don’t think demonetization was at all required… I don’t think it was technically, economically necessary to launch this adventure,” he said at the Indian School of Business (ISB) Leadership Summit here when asked if the note ban decision was the right one.

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