Jaitley suffering from 'selective amnesia': Congress

Taking potshots at Arun Jaitley, the Congress Party on Saturday alleged that the Finance Minister was suffering from 'selective amnesia' and reminded him of the nine percent average growth rate during 10 years of the UPA regime.

Jaitley on Thursday accused the Opposition of inventing reasons to run away from a debate on demonetisation and took a swipe at former prime minister Dr Manmohan Singh over his criticism , saying it is no surprise that he is unhappy as "maximum black money was generated" under his rule.

Rejecting Singh's contention that the GDP growth will plunge by two percent, he said demonetisation will have positive impact on the economy over medium to long term as the money from shadow economy will find its way into the mainstream.

Congress spokesperson Randeep Surjewala told ANI, "Firstly let me remind Finance Minister Jaitley since he is suffering from selective amnesia that the average growth rate of the economy during the UPA was nine percent. If you see the old indices and compare the growth rate today it is 3.5 percent. So, whether 3.5 percent growth is higher or nine percent is an answer that Finance Minister Jaitley should give himself."

He further asserted that the nation wants to know from Prime Minister Narendra Modi and Jaitley about the new 'fair and lovely' scheme that the ruling dispensation has come up with to curb black money.

"On one hand Prime Minister Modi says that he is fighting black money and on the other hand in the same breath he comes out with a new 'fair and lovely' scheme everyday to convert black money into white. The latest salvo being that is appearing today that they will convert everybody's money who deposits black money by December 30 into white by taking 50 percent of the share. He will not be punished and no criminal case will be registered nor will he be asked any questions," he added.

Dr Singh dubbed the demonetisation of Rs. 500 and Rs. 1,000 currency notes an "organised loot and legalised plunder."

Dr Singh said that while he didn't disagree with the objective of the government, a "monumental mismanagement has taken place."

"Even supporters speak of the long run. Those who say demonetisation is good in the long run, should recall the quote: 'In the long run, we are all dead'," he said during the discussion on demonetisation in Rajya Sabha.

He also asked Prime Minister Modi to find a more practical and pragmatic solution to prevent the prevailing distress on the general public in the wake of this step.