‘Notes Ban May Lead To Temporary Slowdown Of Economy’

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New Delhi: President Pranab Mukherjee on Thursday, while acknowledging that Prime Minister Narendra Modi’s demonetisation drive immobilised black money and fought corruption, had a word of caution too: it may lead to temporary slowdown of the Indian economy.

“Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy,” Mukherjee, who had called note ban a “bold step”, said today.
The President said we all will have to be “extra careful” to alleviate the sufferings of the poor following the banning of Rs 500 and Rs 1000 notes in a shock announcement by Modi on November 8.

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“We need to be extra careful to alleviate the sufferings of poor that might become unavoidable for expected progress in the long term,” he said.

Barely ten days ago, while addressing an event in Hyderabad, President Mukherjee was lot more optimistic about the Indian economy.

India is on the cusp of a leap towards a higher economic growth trajectory. A decade after the 2008 global economic crisis, major economies of the world are still limping. But, the Indian economy is growing fast, as he had said on December 23 while addressing the Centenary Year Celebrations of the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry in Hyderabad.

Interestingly, the word demonetisation – arguable the word of 2016 along with surgical strikes – found no mention in the President’s Hyderabad address.

On November 9, a day after Modi’s televised announcement on note ban, Mukherjee had welcomed the move “which will help unearth unaccounted money and counterfeit currency”.

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