Current Affairs Telugu Daily

Manmohan Singh on demonetization
  • “broke the back of businesses”
  • * “organized loot and legalized plunder.”
  •  * mere bluster to reap political dividends while the real offenders have escaped
  •  * nowhere in the world has any democracy undertaken such a coercive move, withdrawing 86% of legal tender in one single swoop
  • * instead of drawing any lesson from its „monumental mistake‟, went ahead and implemented GST, which has adversely hit the economy and the growth rate.
  • * It has broken the back of small and medium businesses in the country
  •  * textile industry in Surat and the ceramic plants in Morbi had been affected
  • * complicated mess, with multiple slabs and rates as high as 28%, along with additional cesses
  • * “tax terrorism” in the name of fighting corruption in the country
  • * growth in private investment is at a 25-year low
The Central government is celebrating Nov-8 as “Anti-Black Money Day.”

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