Demonetisation is beginning of the end of India's economy, says Manmohan

Warns worse is to come as the full effects of demonetisation roll out

Warning of more suffering and adversity in the months to come because of the government's demonetisation move, former Prime Minister Manmohan Singh said India's economy was looking at “the beginning of the end”.

He said all rating agencies had revised India's growth figures, projected at 7.6 per cent just a few months ago, down to 7 per cent and some had had even said it could be as low as 6.3 per cent, adding: “Modi ji keeps saying he's out to transform the economy. His claims are hollow.” 

Spelling out the effects of the precipitous fall in national income, Singh said: “Employment