Almost two months after Prime Minister Narendra Modi announced demonetisation drive, President Pranab Mukherjee on January 5 said that the move may lead to a temporary economic shutdown.
“Demonetization, while immobilizing black money and fighting corruption, may lead to a temporary slowdown of the economy. We all will have to be extra careful to alleviate the suffering of the poor,” he said.
This is the first time Pranab Mukherjee has responded to the demonetisation drive.
Meanwhile, PM Narendra Modi’s 50-day deadline for bringing stability after he announced the decision of scrapping higher denomination currency note. He has hailed and defended the move saying the pain will be short lived and the move will have a positive impact on the country’s economy in the long run.
The Prime Minister had appealed to the people across the nation to bear the pain caused due to demonetisation for 50 days urging them to “punish” him if he fails to bring change.
Amidst relentless attack by the opposition over its demonetisation move, the Narendra Modi government rolled out several measures, seen as a bid to ease common man’s woes due to the prevailing cash crunch.
He even urged people to email any tipoff about black money to him. “Will the corruption go away on its own? If a person is fighting against corruption is that person a criminal? I am not answerable to a high command. I am answerable to you.”
While opposition staged a massive protest while uniting to lash out at the Prime Minister over the move, Prime Minister did not rollback decision and urged the people cashless while promoting digital economy. As the 50 days promise nears end Prime Minister thanked everyone who came out in support of the move.
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