Demonetization may temporarily slowdown economy: President Mukherjee

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New Delhi, Jan 5: President Pranab Mukherjee on Thursday warned that Prime Minister Narendra Modi’s demonetization move may lead to a temporary slowdown of the economy.

His remarks come after the 50 days of demonetization. “Demonetization, while immobilising black money and fighting corruption, may lead to a temporary slowdown of the economy,” said President Pranab Mukherjee.

He also suggested the government be “extra careful” ease the pain of the poor people.

“We all will have to be extra careful to alleviate the suffering of the poor which might become unavoidable for the expected progress in the long term,” Mukherjee added.

He further said that though he appreciates the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, he is not too sure that the “poor can wait that long”.

“They need to get succour here and now so that they can also participate actively in the national march toward a future devoid of hunger, unemployment and exploitation,” the President said.

The deadline to submit old currency notes of Rs 500 and Rs 1000 by Centre got over on December 30.

A media report narrated that 97 per cent of the demonetized notes were already deposited in the bank.

On November 9, a day after PM Modi’s announcement, President Mukherjee welcomed the move saying that it “will help unearth unaccounted money”.

“President Mukherjee welcomed the bold step of the Government of India which will help unearth unaccounted money & counterfeit currency,” said a statement from Rashtrapati Bhavan.

Wefornews Bureau

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