Speaking on the eve of the first anniversary of demonetisation, former Prime Minister Manmohan Singh said that the "disastrous policy" affected small businesses in India and benefited the Chinese economy as the imports showed a spike in the first half of FY18 over last fiscal.
"In first half of 2016-17 India's imports from China stood at Rs 1. 96 lakh crore. In 2017-18, it increased to Rs 2.41 lakh crore," Singh said.
Former Prime Minister Manmohan Singh, reiterated his criticism of demonetisation and GST saying both these steps cost India in terms of economic growth and jobs.
Singh was speaking in Gujarat which will go to polls in two phases on December 9 and 14.
The former prime minister said the pain suffered by the informal economy was not adequately captured by the GDP numbers.
He said that the impact of demonetisation on the informal economy was much worse and led to job losses citing the example of the handlooms which were closed in Surat and other districts.
Calling demonetisation an "organised loot and plunder", Singh said that demonetisation led to an unprecedented growth in imports.
On Bullet Train, Singh said the BJP government should have considered the "alternative of high speed train by upgrading the broad gauge railway".
Source: economictimes.indiatimes.com