Demonetisation is organised loot, legalised plunder: Manmohan Singh

November 24, 2016

New Delhi, Nov 24: Stepping up the opposition tirade against demonetisation, former Prime Minister Manmohan Singh today castigated the government and the Prime Minister over the move, saying its implementation was a "monumental management failure" and a case of "organised loot and legalised plunder."manmhn

Singh, who spoke in the presence of Prime Minister Narendra Modi in Rajya Sabha, said the decision will result in decline of GDP by 2 per cent, it being an "under-estimate".

He hoped the Prime Minister will find a practical and pragmatic decision to mitigate the sufferings of the common man and the poor who have been in distress after the decision.

He said agriculture, unorganised sectors and small industry has also been hit hard by it and people were losing faith in the currency and banking system.

"These measures convinced me that the way the scheme has been implemented, it's a monumental management failure. And in fact, it is a case of organised loot and legalised plunder.

"It is not my intention to pick holes what this side or other side does. But I sincerely hope that the PM even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country," he said in Rajya Sabha as the debate on the issue resumed after Modi came into the House.

Earlier, Leader of Opposition Ghulam Nabi Azad requested Chairman Hamid Ansari and Leader of the House Arun Jaitley that the Question Hour should not be taken up as the Prime Minister was present in the House and the debate be taken up.

Azad's request was readily accepted by the government with Jaitley saying that the debate should start immediately and Modi will certainly participate in it.

Participating in the resumed debate, Singh said it is important to take note of the grievances of the ordinary people who have suffered as a result of this imposition on the country "overnight" by the Prime Minister.

"My own feeling is that the national income, that is the GDP of the country, can decline by about 2 percentage points as a result of what has been done. This is an under-estimate and not an over-estimate.

"Therefore, I feel the Prime Minister must come with some constructive proposal on how we can implement the scheme and at the same time prevent the distrust that has been caused to the common people," Singh said.

The former Prime Minister did not agree with the Prime Minister's plea to wait for 50 days for the results of demonetisation to come about, saying no one knows about the final outcome of the decision.

"Well 50 days is a short period, but for those who are poor and deprived sections of the community even 50 days of torture can bring about disastrous effect. And that's why about 60 to 65 people have lost their lives. Maybe more.

"What is more is, what has been done can weaken and erode our people's confidence in the currency system and in the banking system," he said.

Asking Modi to spell out the names of countries where people have deposited their money in banks but are not allowed to withdraw their money, he said, "this alone I think is enough to condemn what has been done in the name of greater growth."

He said the scheme of demonetisation, the way it is being implemented, will hurt agricultural growth in our country, small industry and all those people who work in the informal sectors of the economy.

Singh, an eminent economist, criticised the government for issuing fresh instructions and modifying the rules every day on the conditions under which people can withdraw their money.

"That reflects very poorly on the Prime Minister's Office, the Finance Minister's office and on the Reserve Bank of India. I am very sorry that the Reserve Bank has been exposed to this kind of criticism which I think is fully justified," the former Prime Minister said.

He said though he agreed with the objectives of the scheme to demonetise currency notes of Rs 500 and Rs 1000 as spelt out by the Prime Minister, he wished to highlight the problems that the common people and poor have been subjected to by the move.

"But I do want to point out at least that in the process of demonetisation monumental mismanagement has been undertaken about which today there is no two opinions in the country as a whole," he said.

Referring to those saying that the move which was doing harm and creating distrust in the short run was good in the long run, Singh quoted John Maynard Keynes to say that "in the long run, all of us are dead".

"I urge upon the Prime Minister to find practical, pragmatic ways and measures to relieve the distress of the people, who happen to be a great majority of our people. After all 90 per cent of our people were in the informal sector, 55 per cent of our workers in agriculture are feeling distress," he said.

He also noted that the cooperative banking system which served large number of people in rural areas was non-functional and has been prevented from handling cash.

The senior Congress leader said though it is not his intention to pick holes in what this side or other side does, but hoped that the Prime Minister "even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country".

Comments

Wonder Kotian
 - 
Thursday, 24 Nov 2016

Our Great Iron Man said correct, But he is trying \Dog's tail putting inside pipe\" but after removing same situation, Hindustan totally destroying already most of the business, Trading, Industry's totally loss point."

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 20,2020

Bengaluru, Feb 20: The poultry industry is facing losses amid rumours of the discovery of a chicken infected with coronavirus in Bengaluru.

DK Kantharaju, president, Karnataka Cooperative Poultry Federation said, "Karnataka is facing losses of Rs 60 to 65 crores. The consumption percentage has also decreased by 30-35 per cent".

Atiq, a meat seller, said, "Because of coronavirus people are scared. But I want to say that chicken is safe to consume here. All this fear is caused due to fake news on social media."

Another person Abdul Hafeez said, "Chicken and coronavirus are not related. People are scared because of what is being spread on social media. The business has definitely gone down due to fear of coronavirus."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 8,2020

Washington D.C., May 8: The prime time for brain development in a child's life is the first year, where the infant spends most of the time asleep. It is the time when neural connections form and sensory memories are encoded.

However, when sleep is disrupted, as occurs more often among children with autism, brain development may be affected, too.

New research led by the University of Washington finds that sleep problems in a baby's first 12 months may not only precede an autism diagnosis but also may be associated with altered growth trajectory in a key part of the brain, the hippocampus.

The study, which was published in the American Journal of Psychiatry, researchers report that in a sample of more than 400 taken of 6- to 12-month-old infants, those who were later diagnosed with autism were more likely to have had difficulty falling asleep.

It also states that this sleep difficulty was associated with altered growth trajectories in the hippocampus.

"The hippocampus is critical for learning and memory, and changes in the size of the hippocampus have been associated with poor sleep in adults and older children.

As many as 80 per cent of the children with autism spectrum disorder have sleep problems," said Annette Estes, director of the UW Autism Center and senior author of the study.

"In our clinical experience, parents have a lot of concerns about their children's sleep, and in our work on early autism intervention, we observed that sleep problems were holding children and families back," added Estes, who is also a UW professor of speech and hearing sciences.

"It could be that altered sleep is part-and-parcel of autism for some children. One clue is that behavioural interventions to improve sleep don't work for all children with autism, even when their parents are doing everything just right. This suggests that there may be a biological component to sleep problems for some children with autism," said Estes.

To consider links among sleep, brain development, and autism, researchers at the IBIS Network looked at MRI scans of 432 infants, surveyed parents about sleep patterns, and measured cognitive functioning using a standardized assessment.

At the outset of the study, infants were classified according to their risk for developing autism: Those who were at higher risk of developing autism -- about two-thirds of the study sample -- had an older sibling who had already been diagnosed.

Infant siblings of children with autism have a 20 per cent chance of developing autism spectrum disorder -- a much higher risk than children in the general population.

In the current study, 127 of the 432 infants were identified as "low risk" at the time the MRI scans were taken because they had no family history of autism.

They later evaluated all the participants at 24 months of age to determine whether they had developed autism. Of the roughly 300 children originally considered "high familial risk," 71 were diagnosed with autism spectrum disorder at that age.

Problems with sleep were more common among the infants later diagnosed with an autism spectrum disorder, as were larger hippocampi. No other subcortical brain structures were affected, including the amygdala, which is responsible for certain emotions and aspects of memory, or the thalamus, a signal transmitter from the spinal cord to the cerebral cortex.

The authors note that while parents reported more sleep difficulties among infants who developed autism compared to those who did not, the differences were very subtle and only observed when looking at group averages across hundreds of infants.

Sleep patterns in the first years of life change rapidly as infants transition from sleeping around the clock to a more adult-like sleep/wake cycle. Until further research is completed, Estes said, it is not possible to interpret challenges with sleep as an early sign of increased risk for autism.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
May 28,2020

Bengaluru, May 28: A complaint has been filed against BJP Karnataka state president and Lok Sabha member Nalin Kumar Kateel by the Congress Legislators charging him with issuing false information on Coronavirus to mislead the people.

The complaint was filed by MLCs Ivan D’Souza and Prakash Rathod at Vidhana Soudha police station on Thursday.

In the complaint they had alleged that “Kateel has been spreading false information that the position of World Health Organization’s (WHO) Chairman was given to India in appreciation of Prime Minister Narendra Modi’s achievement in Coronavirus management. 

In reality, the position was given to India on the basis of rotation. India’s stature gets affected because of such childish statements at the international level.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.