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Note ban may slow down economy: President Pranab Mukherjee

President Pranab Mukherjee said that Demonetization may lead to a temporary slowdown in the economy. President was in a video address to the Governors of states and Lt. Governors of Union Territories. He also said that Demonetization, while immobilizing black money and fighting corruption, may lead to temporary slowdown of the economy.”

President Pranab Mukherjee

He said that we all will have to be extra careful to alleviate the sufferings of the poor. This might become unavoidable for the expected progress in the long term.

President Pranab Mukherjee also said while he appreciate 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.

He also said that “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.”

President Pranab Mukherjee also said that “the recent package announced by the Prime Minister will provide some relief.”

He also talked about the upcoming elections to assemblies in five states and the likely political slugfest which may disturb the social harmony. President Pranab Mukherjee also said that at times, harmony may be put to test by vested interests. Communal tensions may rear their ugly head.

The Supreme Court on Monday ruled that seeking votes on the basis of religion, race, caste or language of a candidate or a rival or of the voters is illegal.

Asking the Governors and Lt. Governors to look at social problems affecting millions in our farms and factories, he said that “This should receive your focused attention.”

Calling the year gone by as an year of mixed fortunes, he said the economy is performing well, overcoming the weak global economic trends.

President Pranab Mukherjee also said that “The GDP growth of 7.2 per cent in the first-half of 2016-17 — same as that of the last year — is a pointer to the fact that our economic recovery has been on solid grounds.”

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