Demonetisation lacked ideation, led to huge job loss: Scindia

The demonetisation exercise lacked "ideation" and it led to huge job loss and decline in the GDP growth, Congress leader Jyotiraditya Scindia said today.
Addressing the 90th annual general meeting of industry body FICCI here, the former Union minister said the economic policy of the country needed to be "continuous and contiguous and not fractious".
FICCI quoted Scindia as saying that he identified demonetisation and poor implementation of GST as the "twin disruptors" of the process.
"Any good idea has to be based on ideation. Where was the ideation here?" Scindia asked, linking demonetisation to the huge loss of jobs, disruption in the supply chains and decline in the GDP growth, the FICCI statement said.

He said in order translate the goal of making India a world power, it was necessary that the character of economic growth is formulated together and that the economic and foreign policies of the country are based on continuity, irrespective of political affiliation.
He said, according to the statement, that the economic policy needed to be continuous and contiguous and not fractious.

Scindia said there was a crisis in the MSME (micro, small and medium enterprises) sectoras he called for course correction based on two precepts - high and inclusive growth and ethos of tolerance.
Over 120 crore Indians have an equal stake and right in their development as India moves forward and the UPA government has left a legacy of upholding these rights in its 10-year-old tenure, he said.

The MP from Madhya Pradesh said these indices of his government were based on high growth supported by the public and private sector involvement and strong investment growth.
"This, along with adequate attention to rural India, created a balancing effect.
"The other pillar was an inclusive agenda, backed by food security, MNREGA, Right to Information Act, Right to Education," he said talking about the flagship schemes of his government.
Scindia called for the need to create a knowledge ecosystem wherein colleges, industry and universities work together.
"We cannot compete on low wages alone. We must bring in productive utilisation of resources," he said.