National
India should brace for tough period due to note ban: Manmohan
Former Prime Minister Manmohan Singh
New Delhi: Former Prime Minister Manmohan Singh said in remarks published on Friday that Indians should be ready to face “a tough period over the coming months” due to demonetisation. Writing in The Hindu newspaper, the Congress leader also said the November 8 decision would cause grievous injury to the honest Indian while those with black money will escape with a mere rap on the knuckles.
The economist-turned-politician described as “impetuous” Prime Minister Narendra Modi’s move to ban the 500 and 1,000 rupee notes and warned that this would cause severe hardships to ordinary Indians. It has “shattered the faith and confidence that hundreds of millions of Indians had reposed in the government of India to protect them and their money”, Manmohan Singh said.
The demonetisation has led to an unprecedented cash crunch across the country, with the Reserve Bank of India unable to supply adequate cash in exchange for the 86 per cent of all currency that was spiked. This has led to long, daily queues at all banks and ATMs, both of which frequently go dry. The government has also put a cap on how much a person can withdraw from his own bank account.
Manmohan Singh, who was the Finance Minister when India unleashed economic reforms in 1991, said Modi’s stated intentions behind the note ban — fighting fake currency as well as corruption and black money — were honourable. “However, the popular saying ‘the road to hell is paved with good intentions’ serves as a useful reminder and warning in this context.”
Manmohan Singh underlined that all cash was not black money and all black money was not hoarded in cash. “More than 90 per cent of India’s workforce still earn their wages in cash. These consist of hundreds of millions of agricultural workers, construction workers and so on.”
He pointed out that more than 600 million Indians still lived in towns and villages with no bank and cash was the bedrock of their lives. “To tarnish these as ‘black money’ and throw the lives of these hundreds of millions of poor people in disarray is a mammoth tragedy.”
The demonetisation decision had breached the government’s fundamental duty to protect the rights and livelihood of its citizens. Chiding the government for introducing the Rs 2,000 note, he went on: “This brazen policy measure (demonetisation) has neither tackled the stock of black money holistically nor has it stemmed the flow of it.”
He said other countries which went for currency swap did so over a period of time “and not as a sudden overnight operation”. “As someone who has experienced long lines for rationed food during war time, I never imagined that one day I would find my own countrymen and women waiting endlessly for rationed money.
“That all of this suffering is due to one hasty decision makes it even more disconcerting.” Manmohan Singh warned that the note ban can act as a negative shock to the economy. “Consumer confidence is an important economic variable in a nation’s growth prospects. “It is now evident that the sudden overnight ban on currency has dented the confidence of hundreds of millions of Indian consumers, which can have severe economic ramifications…
“This can have rippled effect on GDP growth and job creation. “It is my humble opinion that we as a nation should brace ourselves for a tough period over the coming months, needlessly so.”
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
