Note Ban Slows Down Pace of Economy – President Pranab Mukherjee

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President Pranab Mukherjee on Note Ban say that, it slow down pace of economy. The economy will temporarily slow down and have to be so cautious. President Pranab Mukherjee, on Thursday said the country has to be “extra careful to alleviate the suffering of the poor” in its pursuit of “the expected progress in the long term”.

Note Ban Slows Down Pace of Economy:

Pranab Mukherjee also added that, “not too sure that the poor can wait that long and they need to get succour here and now. 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.”

He said that, “While I appreciate the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, I am 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 towards a future devoid of hunger, unemployment and exploitation. The recent package announced by the Prime Minister will provide some relief.”

In 2014 and 2015, below normal rains had caused rural distress. A good monsoon in 2016 is expected to improve agricultural production and increase rural employment and incomes. Though our exports have been affected by weak global demand, we have a stable external sector. Reviving exports will remain a challenge but we can overcome it by improving the competitiveness of the domestic industry.

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