New Delhi: President Pranab Mukherjee today informed that Prime Minister Narendra Modi’s demonetisation move might lead to a temporary slowdown of the economy. Pranab said this in his first remark after the 50-day deadline to deposit old notes lapsed on December 30. The President also asked the government to be very careful in lessening the sufferings of the poor people.
Pranab Mukherjee went on to say that: “Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy. 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.”
On the other hand, he also appreciated the drive on a changeover from powerful approach to capitalistic approach for removing the poverty in the country and also said that he is quite not sure about whether the poor people can wait that long but he surely is happy about the big change that will be coming over within few days.
The president further went on to say that: “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.”
According to the reports which said that 97 per cent of the demonetised notes were already deposited in banks from the day note ban started till date.
After Modi’s official announcement of demonetisation on November 9, Mukherjee welcomed the move and was extremely happy for the move that would help poor people and would flush out black money. He stated from Rashtrapati Bhavan, “The bold step of the Government of India which will help unearth unaccounted money & counterfeit currency.”