China benefiting from 'demonetisation blow' to Indian economy: Manmohan

Even if growth reaches to 6.7%, it is still less than UPA's 10-yr average of 10.6%, says Manmohan

Former Prime Minister Manmohan Singh on Saturday launched a scathing attack against Modi government, saying none of the objectives of demonetisation have been met.

Addressing professionals and businessmen in Surat before the crucial Gujarat polls, he said, "Demonetisation cost us Rs 1.5 lakh crore in the economy. Note ban converted black money to white while poor suffered. GDP growth rate in the first quarter fell to 5.7%. Even if the growth reaches to 6.7% in 2017-18, it is still less than UPA's 10 year average of 10.6%."

He further added, "I invoke memories of more than 100 people who lost their lives while standing in queues as a result of demonetisation. I say with immense pain and a sense of deep responsibility that the 8th of November was a black day for our economy and democracy."

The former prime minister was of the view that China was benefiting from 'demonetisation blow' to Indian Economy. "In the first half of 2016-17, India's imports from China have gone up unprecedented," he said.