Accusing Modi of not having his priorities right, the former prime minister cited example of the Mumbai-Ahmedabad bullet train and called it an "exercise of vanity".
"Demonetisation has proved to be a mere disaster. Today, every worldwide agency eulogise the kind of structural reforms India has initiated", said Finance Minister Arun Jaitley in retaliation to Singh's allegations.
Jaitley said this while addressing a press conference on the eve of one-year of demonetisation.
Fielded by the party in poll-bound Gujarat, Manmohan Singh said the measure had failed its ostensible goal of curbing wealth accumulated through tax evasion as it was known by now that none of the stated objectives of eliminating black money, terror financing and counterfeit currency have been met. "I remember feeling shocked when I heard the Prime Minister's (Narendra Modi's) announcement and I wondered who advised him to inflict such a reckless step on our nation, and whether any considered thought went into it". The economist-politician Dr. Manmohan Singh on Tuesday morning reached the poll-bound Gujarat to touch upon various aspects related to note ban as well as the implementation of GST and its impact on the economy. "This twin blow (GST and note ban) is a complete disaster for our economy, it has broken the back of our small businesses and traders".
'Overwhelmed with sadness': Florida fraternity under investigation after pledge dies
Andrew Coffey, 20, is alleged to have died at the party, which occurred off of the Florida State University campus. They also cannot have any organized participation in homecoming activities, which are scheduled for next week.
"We know by now that none of the stated objectives of eliminating black money, terror financing and counterfeit currency have been met. It had been suggested many times in the past as well, but as a responsible government we never took such a drastic measure", he said.
'One must also remember that nowhere in the world has any democracy undertaken such a coercive move, withdrawing 86 per cent of legal tender in one single swoop.
He also alleged that the fact that nearly 99% of the demonetized currency came back into the banking systems has punctured the government's claims. "Less cash in the system may not end corruption but makes corruption hard", he said, claiming terror funding had been "squeezed" after demonetisation.
Hours after the former Prime Minister's speech, Finance Minister Jaitley strongly defended the economic reforms calling note ban a "watershed moment in the history of the Indian economy". Even this is underestimated as the pain of the informal sector has not even been calculated, he added.
Nokia 5 3GB RAM variant launched
In terms of operating system, the device offers Android Nougat 7.1.2 with a promised update to Android Oreo in the near future. HMD Global has originally launched Nokia 5 in June 2017 but has only been available in the 2GB RAM variant all this while.
At the India Today Conclave Next 2017, Union Finance Minister Arun Jaitley today spoke about the impact of demonetisation ahead of its first anniversary. Every one per cent loss of GDP annually costs our nation ₹1.5 lakh crore.
Hitting out at the government over the rollout of the Goods and Services Tax, Singh said compliance requirements under GST had become a nightmare for small businesses. "Instead of providing relief, as I had requested in the Parliament, the government chose to inflict on them a badly designed and hastily implemented GST". He termed demonetisation "an attack" on the independence and credibility of RBI as an institution. "These twin blows damaged India's SME sector and our businesses had to run to Chinese imports at the cost of Indian jobs", Singh said.
"This was done by the government without paying any heed to our advice..."
He said both demonetisation and GST have "sown a deep- rooted fear of tax terrorism" among the business community.
Koenigsegg breaks world's fastest production auto record with 277.9mph run
All that remains is for the world speed record, which was recorded and verified by Racelogic , to be officially recognised. Before the Agera RS took to that street, Bugatti held the production vehicle world record for top speed.