NEW DELHI: Almost two months after Prime Minister Narendra Modi announced demonetization drive, President Pranab Mukherjee on Thursday 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.
President Pranab Mukherjee appeal for extra care must be taken to alleviate sufferings of the poor triggered by economic slowdown which has become unavoidable post demonetisation.
"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," Mukherjee said.
He said that while he appreciates the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, he is 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 toward a future devoid of hunger, unemployment and exploitation," the President said.
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