1. Demonetisation might temporarily slow down economy: President Pranab Mukherjee

Demonetisation might temporarily slow down economy: President Pranab Mukherjee

President Pranab Mukherjee on Thursday reflected on the demonetisation drive by the Narendra Modi-led Central government and said that the move while immobilises black money and fights corruption, might also lead to a temporary slowdown of the economy.

By: | Published: January 5, 2017 6:22 PM
demonetisation, demonetisatiuon pranab mukherjee, president demonetisation, demonetisation economy, pnanab mukherjee demonetisation, president demonetisation The President further said that the government must be extra careful while alleviating the suffering of the poor. (Reuters)

President Pranab Mukherjee on Thursday reflected on the demonetisation drive by the Narendra Modi-led Central government and said that the move while immobilises black money and fights corruption, might also lead to a temporary slowdown of the economy. The President further said that the government must be extra careful while alleviating the suffering of the poor. “The poor need to get succour here & now”- the President tweeted. Earlier today, an HSBC report said that India’s GDP might have grown at a much slower-than-expected pace of 5 percent in the October-December period and may see a 6 percent growth in the following quarter due to a slowdown in manufacturing and services sectors post demonetisation.

Earlier today, in a major blow to the Narendra Modi-government, it was reported by Bloomberg that Indians have deposited almost all the currency notes that had been banned by the government. This comes as a major setback to the BJP government as the drive had been initiated to unearth unaccounted wealth and fight corruption. According to reports, the banks have received Rs 14.97 lakh crore as of the deadline of December 30, 2016. The central government had initially estimated that Rs 5 lakh crore of the Rs 15.4lakh crore which had been rendered worthless owing to the demonetisation drive might have been black or untaxed money.

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The move had also been criticised all over the country by the opposition due to the lack of planning and poor execution. The opposition had not let the Winter session of the parliament commence for a better part of the season citing the absence of the Prime Minister in the house to discuss the sudden announcement of the demonetisation drive. Huge crowds had been seen outside banks and ATMs for the entire duration fo 50 days. Quite a few people had also lost their lives while standing in queues outside these institutions.

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