Nearly 60 days after demonetisation, President Pranab Mukherjee has weighed in on the issue, saying although the objective of the note ban was to combat black money hoarding and corruption, it would lead to a temporary slowdown of the economy.
Demonetization, while immobilizing black money and fighting corruption, may lead to temporary slowdown of the economy #PresidentMukherjee— President of India (@RashtrapatiBhvn) January 5, 2017
The President brought focus to the suffering of the people due to the note ban and said much needs to be done to help them get through the trying times.
We all will have to be extra careful to alleviate the suffering of the poor #PresidentMukherjee— President of India (@RashtrapatiBhvn) January 5, 2017
Even after the passage of the 50-day time period that Prime Minister Narendra Modi had sought from the people to set things right, curbs on withdrawal have not been lifted, only slightly eased. Meanwhile, reports about those on the economic margins faring poorly due to the lack of cash in hand, and making do without being paid daily wages have been increasing.