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India


Demonetisation has cost the country at least 5% of GDP in last 3 years: Chidambaram

Demonetisation has cost the country at least 5% of GDP in last 3 years: Chidambaram

New Delhi, Nov 7 (UNI) Attacking the Narendra Modi government on demonetization, senior Congress leader and former Finance Minister P Chidambaram on Friday said that the decision has cost the country at least five per cent of the GDP in the last three years.



In a series of tweets on the third anniversary of demonetisation, posted on his behalf by his family, Mr Chidambaram said,’’Today is the third anniversary of the infamous demonetisation. It has cost the country at least 5 per cent of GDP in the last three years.



Five per cent of GDP roughly equals to several thousand lakh crores of rupees of output. Should the country send a bill to the BJP for that amount.’’



Friday is the third anniversary of the decision of demonetization.



On November 8, 2016, prime Minister Narendra Modi announced demonetization of currency notes of Rs 1000 and Rs 500. The decision evoked criticism from several opposition parties. The Congress described it as the biggest scam of post independence India.



UNI AR SHK1943

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