Demonetization will have a "very significant adverse effect" on the country's GDP and will be an issue in the upcoming assembly elections in five states, former Prime Minister Manmohan Singh said on Monday. "You will see there will be a very significant adverse effect on the country's GDP," Singh said, after releasing the the Congress manifesto for Punjab polls. Recalling his statement in Parliament that demonetization will have a very adverse impact on the GDP of the country, Singh said subsequent developments have proved him right. Manmohan Singh has been highly critical of demonetization decision and has predicted a 2% drop in the country's GDP due to it. Singh, who spoke in the presence of Prime Minister Narendra Modi in Rajya Sabha, said the decision will result in decline of GDP by 2%, it being an "under-estimate".

Source: dna January 09, 2017 10:55 UTC