New Delhi: Former prime minister Manmohan Singh on Thursday said there has been "monumental" mismanagement in the implementation of demonetization of Rs 1,000 and Rs 500 notes.
Speaking at a debate in the Rajya Sabha, Singh pointed out the extent of hardship caused to common citizens and small businesses by demonetization, and said GDP is likely to take a 2-percentage point hit.
"I want to ask the prime minister (Narendra Modi) if he can name any country where people have deposited their money but are not able to withdraw it," Singh said.
He said: "Those who say demonetization is good in the long run should recall the quote: 'In the long run we are all dead'."
"There has been a monumental mismanagement in the implementation of demonetization. I hope that the prime minister will help us find practical ways to give relief to people who are suffering," he said, adding 60-65 people have also lost their lives.
"The GDP of the country will decline by about 2 percentage points by what has been done. And this is an underestimate and not an overestimate," he said. "What has been done can also weaken our people's confidence in the currency and banking system."
He said the areas and sectors that have suffered the most are small businesses, farming and cooperative banking, and appealed to the government to take note of the grievances of the people.
(With agency inputs)