FM says Opposition running away from debate, hits back at Manmohan Singh

He adds it is no surprise former PM is unhappy as 'maximum black money was generated' under his rule

Finance Minister Arun Jaitley on Thursday accused the Opposition of inventing reasons to run away from a debate on demonetisation and took a swipe at former PM 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 GDP (gross domestic product) growth will plunge by 2 per cent, he said demonetisation will have the positive impact on the economy over medium to long term as the money from shadow economy will find its way into the mainstream.

"Those who did not consider the generation of so much black money and scams during their regime as blunder are now finding the crusade against black money as the blunder," Jaitley said.

His response came after Singh castigated the government and the Prime Minister over demonetisation during the Rajya Sabha debate, saying its implementation was a "monumental management failure" and a case of "organised loot and legalised plunder."

As the Rajya Sabha was repeatedly adjourned with Opposition insisting that the Prime Minister be present during the entire debate, Jaitley lashed out at the opposition saying it was not keen on the debate but on disruption.

"The government position is very clear from the day one that we are ready for the debate.... The Opposition was finding excuses to avoid discussion but today morning they were taken by surprise when we announced that the Prime Minister will participate in the debate. Now they are inventing and manufacturing reasons to escape the debate," Jaitley told reporters.

Lashing out at the previous UPA government, Jaitley alleged, "the maximum black money was generated during the 2004-14 as well as the period was engulfed in various scams like 2G and coal scam".

"We are not surprised that they did not like the anti-black money measures the government has taken...Those who did not consider the generation of so much black money and scams during their regime as blunder are now finding the crusade against black money as a blunder," he said.