Azad said, "The impacts of demonetisation and GST on India have been disastrous. The impacts of these are unprecedented."
Azad further said under Prime Minister Narendra Modi's rule there is "implementation paralysis".
"Only a few big businessmen have survived this, all others have been impacted so badly that they their business have halted since then. Many have either quit India by migrating to other countries or have quit business," he stated.
"The government's estimated profit from demonetisation have also gone wrong and it does not have money now, so in future it will not be able to finish the projects it has undertaken," he added.
Sinha also described the implantation of the Goods and Services Tax (GST) from July 1 as the second major blow to the Indian economy after demonetisation. (ANI)