Scars and wounds caused by demonetisation more visible with time: Manmohan SIngh
New Delhi, Nov 8: In a scathing assessment of the demonetisation exercise, former prime minister Manmohan Singh on Thursday said the "scars and wounds" it caused are getting more visible with time and the decision's second anniversary is a day to remember how "economic misadventures" can roil the nation.
The senior Congress leader asked the government to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy.
Describing demonetisation as an "ill-fated" and "ill-thought" exercise, Singh said in a statement that the havoc it unleashed on the Indian economy and society is now evident to everyone.
On November 8, 2016, Prime Minister Narendra Modi announced a ban on then in use Rs 1,000 and Rs 500 denomination bank notes with immediate effect.
"Notebandi impacted every single person, regardless of age, gender, religion, occupation or creed," Singh said.
"It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time," the former prime minister said.
Beyond the "steep drop" in headline GDP growth numbers after demonetisation, the deeper ramifications of 'notebandi' are still unravelling, he said.
Small and medium businesses that are the cornerstone of India's economy are yet to recover from the demonetisation shock, Singh asserted.
"This has had a direct impact on employment as the economy continues to struggle to create enough new jobs for our youth," he said, adding that the financial markets are volatile as the liquidity crisis wrought by demonetisation is taking its eventual toll on infrastructure lenders and non-bank financial services firms.
In his strong criticism of demonetisation, he said the full impact of the demonetisation exercise is yet to be understood and experienced.
"With a depreciating currency and rising global oil prices, macro-economic headwinds are also starting to blow now.
"It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets."
Singh also urged the government to restore certainty and visibility in economic policies.
"Today, is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policy-making should be handled with thought and care," he said.
The Congress has announced that it will hold a nationwide protest on Friday to mark the second anniversary of demonetisation. It has also demanded that Prime Minister Narendra Modi should apologise to the people for "ruining and wrecking" the economy.
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Metro ridership in Haryana sees over 13 pc rise in 2025-26
Chandigarh (PTI): Haryana's urban transit system witnessed a strong growth in 2025-26, with metro ridership registering a robust 13.55 per cent increase, the state government said in a statement on Thursday.
The progress was reviewed in the 64th board meeting of Haryana Mass Rapid Transport Corporation (HMRTC) chaired by Chief Secretary Anurag Rastogi.
Between April 2025 and February 2026, the metro network recorded over 1.74 crore passengers, compared to 1.53 crore in the corresponding period the previous year.
July recorded the highest monthly growth at 22.93 per cent, while all months showed consistent positive trends.
Financial performance has also remained strong, with fare revenue rising 12.64 per cent till January 2026, the statement said.
Non-fare revenue surged by 108 per cent, driven by effective monetisation of station spaces, advertisements and commercial activities, resulting in an operating surplus for Rapid Metro.
Further initiatives, including the auction of station naming rights and additional advertisement sites, are expected to strengthen HMRTC's financial position, the statement said.
Appreciating the performance, Rastogi stated that the consistent rise in ridership and revenue reflects the success of Haryana's integrated transport strategy, rising commuter confidence and a clear shift towards public transport.
HMRTC Managing Director Chander Shekhar Khare said that, alongside operational gains, the state is making steady progress on an ambitious pipeline of metro and regional transit projects.
Metro connectivity from Gurugram Sector 56 to Panchgaon is under active consideration, with Haryana State Industrial and Infrastructure Development Corporation Limited studying the Detailed Project Report (DPR) and layout plan, and finalising a depot location in Sector 36A near Sihi village, he said.
The Gurugram-Faridabad Namo Bharat corridor has achieved a key milestone, with alignment and station locations finalised and approved by the Haryana government. The National Capital Region Transport Corporation is preparing the DPR, he added.
Similarly, the Delhi-Kundli metro extension is proposed to be placed before the Haryana Cabinet for approval.
The 136.3-kilometre Delhi-Panipat-Karnal RRTS Corridor has also progressed, with the revised DPR submitted for financial concurrence ahead of Haryana Cabinet consideration.
Within Gurugram, DPR preparation has been approved for key intra-city corridors, including the 17.09-kilometre Bhondsi-Subhash Chowk-Rajeev Chowk-Sohna Chowk Railway Station corridor, enhancing connectivity along Sohna Road, Khare said.
