Current PM Correcting the monumental mismanagement of the economy by the Erstwhile PM Manmohan Singh

India’s top economist and our erstwhile Prime Minister, Dr. Manmohan Singh, called the demonetization by PM Narendra Modi, a ‘monumental mismanagement’. The question that arises now is, whether demonetization is truly a monumental mismanagement, as stated by Singh, or a solution for age old black money menace as stated by Modi?

It would not be wrong to say that the implementation of the scheme was indeed mismanaged, leading to chaos all across the nation. However, shifting focus on the ongoing raids by IT department and revelations about accumulated wealth, can be considered to be a move in the right direction. Singh was himself accused of creating the most corrupt Indian government ever, under his tenure of a PM. The greatest of the scams witnessed by the nation were done under his prime ministership, Modi on the other hand seems to be taking up the responsibility of undoing the damage that had been done under two terms of Congress regime.

Comparison between UPA and NDA can also be drawn on the basis of statistics during two oppositional regimes. In 1999 – 2004, when NDA was in power, 600 lakh jobs were created, and during 2004 – 2010, when UPA was in power, only 27 lakh jobs were created. There were multiple occasions during UPA regime when Singh had the chance to call out on the malpractices being done under his nose, but he chose to not speak or make any comments on it. PM Modi on the other hand had introduced a law wherein all his party leaders were supposed to give details about the assets owned by them, as well as their criminal records.

The steps taken by the current dispensation are much in contrast to what has happened under two terms of Congress government. The Modi government seems to have taken up the responsibility to clear all the monumental mismanagement that has happened in India under the leadership of Manmohan Singh. Being the Economist that he was, Singh could not save the Economy from a spate of scams, now what he calls as a monumental mismanagement is probably a solution to problem of accumulated wealth.