Terming the nine-year-long rule of the Narendra Modi Government as a “complete failure on all fronts”, senior Congress leader and former Union Finance Minister P. Chidambaram on Monday ridiculed the introduction of Rs 2,000 note seven years ago and its subsequent withdrawal recently had “cast doubts on the integrity and stability of Indian currency”.

Addressing a news conference as part of the part of his party’s outreach to the people across the country to expose the Modi government’s failure on all front, Chidambaram said: “In the first place, the people had no need for the Rs 2000 notes after the Rs 500-Rs 1000 value notes were demonetised (in November  2016).... The thoughtless — some would even say foolish — introduction of the Rs 2000 note (which the people shunned) and the mortifying spectacle of withdrawing the note have cast doubt on the integrity and stability of India’s currency”.

Chidambaram said that he didn’t agree with the RBI’s explanation that Rs 2000 note was introduced to meet the immediate requirement of people. “Within 30 days of its introduction, no one was using it.   The notes didn’t come to people. It was a foolish move bringing the integrity of the currency system in question. The original decision to introduce it was foolish but the government didn’t want to admit it,” the former finance minister said.

Expressing his utter disappointment over the state of economy in the country, Chidambaram said:  “Key economic indicators are pointing downward and there is low confidence that the economy will reach the high-growth path.  The first three quarters of 2022-23 recorded growth rates of 13.2, 6.3 and 4.4 per cent, a declining trend.  The present situation is a far cry from the average of 9 per cent growth rate that marked the boom years between 2004 and 2009”