Former prime minister Manmohan Singh attributed the sharp slowdown in the country’s economic growth to the note ban decision taken by the Centre last November.
The step, that involved withdrawing almost 86 per cent of the currency from circulation, was meant to flush out black money from the economy, slash at the roots of terrorist funding and eliminating counterfeit currency. The Centre defended the decision saying it would lead to long-term gains.
In remarks made at the Congress Working Committee (CWC) meeting in New Delhi, Singh said the economy is running on just ‘one engine of public spending.’ He added that private sector investment has collapsed. The CWC is discussing the current political climate in the country and the upcoming presidential elections.
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