President Pranab Mukherjee Issues Warning Note On Demonetization Saying ‘Economy Might Slow Down’

Saicharan Palakurthi

Incumbent President of India, Pranab Mukherjee earlier applauded the demonetization step taken by Prime Minister Narendra Modi as a bold and rightful decision. It appears like he is less optimistic about the issue nowadays.

Pranab Mukherjee’s speech at Hyderabad stated left some contradictory notions in people as he said that demonetization might slow down Indian economy.

“Demonetisation, while immobilising black money and fighting corruption, may lead to the temporary slowdown of the economy,” Mukherjee, who had called note ban a “bold step”, he said.

Th every next day to November 8th, President suggested us to be more careful as poor will be hit hard due to the ban of Rs 500 and Rs 1000 notes.

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

Now just ten days ago, in an event held in Hyderabad, President Mukherjee was even more optimistic about the Indian economy. And his current speech has laid confusions for common people.

Coming to the facts, India currently has a greater progress in economy growth than ever. It’s been a decade since the 2008 global economic crisis, though the major economies of the world are still limping India is doing at its best comparatively.  The President praised the current business and self-sophisticated scope for development in India while addressing the Centenary Year Celebrations of the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry in Hyderabad.

However, his opinion on demonetization is quite contradictory to his previous statements made on November 9 in which he said: “which will help unearth unaccounted money and counterfeit currency”.

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