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2017 will see drop in all economic indicators: Congress

IANS | New Delhi |

Assailing Prime Minister Narendra Modi over demonetisation, the Congress on Saturday said the "disastrous" currency ban decision will lead to a drop in every economic indicator.

Claiming that nothing has changed even after the end of the self imposed 50 day deadline by Modi, Congress leader and MP Rajeev Gowda said the November 8 decision to spike Rs.1000 and Rs.500 notes has "decimated" the institution of Reserve Bank of India (RBI). 

"Fifty days after Modi made disaster of demonetisation, nothing is changing for better. In times of recession, the government pumps in money to revive the economy, but Modi did exactly the opposite and unleashed a disaster on the otherwise growing economy," said Gowda. 

"Because of this disaster, 2017 is going to see a drop in every economic indicator that matters to India.No new jobs will be created, sectors like agriculture, construction, real estate, all of which are huge employers, are going to see a downturn.

"Rather than creating jobs, Modi has destroyed jobs," he said. 

Pointing to the regular change and reversal of rules concerning demonetisation, Godwa said: "We have seen a mockery of governance in every sense".

"We have seen the institution of RBI being decimated in terms of its autonomy, respectability, authority and its role in monetary policy and cash management. 

"People have died in queues and otherwise and the Prime Minister and his cabinet has been callous in not even acknowledging the tragedy of monumental failure in implementing the idea that was not appropriate for India," added Gowda. 

The party on the occasion unveiled a book providing a "detailed analysis of everything that has gone wrong in implementing demonetisation". 

"This book will expose the fraud that has been done in the name of demonetisation," said Congress leader Randeep Surjewala.