Demonitisation used to be introduced through the federal government on November 8, 2016.

New Delhi:

Left events on Sunday hit out on the executive over the state of the financial system and blamed the Centre’s demonetisation coverage for it. The demonetisation of high-denomination foreign money notes used to be introduced through the federal government on November 8, 2016.

Wondering the transfer, CPI(M) Common Secretary Sitaram Yechury alleged that it “decimated the informal sector”.

“Economy into a tailspin, the poorest hurt. Informal sector decimated. No black money recovered, but the rich got richer. Cash in the economy is the highest ever now! This govt must bear responsibility for pushing India downhill, just for one man’s whim,” he mentioned in a tweet.

CPI Member of Parliament Binoy Viswam too criticised the federal government over demonetisation. “Currency in circulation: 2016 Nov. 17.97 lakh cr. 20 21 Oct. 28.30 lakh cr. 57% increase in 5 years! Black money in the country:300 lakh cr. Demonetisation was a total disaster. PM Modi should tender apologies to the nation. Modinomics was ”much ado about nothing”!”, he mentioned in a tweet.

Mr Yechury additionally demanded the withdrawal of excise tasks on petroleum merchandise.

“Looting the people! Imposing intolerable miseries on people already suffering under the double whammy attacks of Covid & economic recession. Withdraw central excise duties on petroleum products,” mentioned Mr Yechury in any other tweet.

(This tale has now not been edited through NDTV workforce and is auto-generated from a syndicated feed.)

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