Hyderabad: The state is yet to recover from the shock of demonetisation announced by Prime Minister Narendra Modi a year ago, Telangana Congress leaders said on Wednesday. Speaking at the ‘black day’ organised by the Hyderabad City Congress to mark the demonetisation anniversary, TPCC president N. Uttam Kumar Reddy said all sections of society were badly hit due to the note ban,
“The Prime Minister cheated the common people by stating that things would be normal after 50 days. Chief Minister K. Chandrasekhar Rao blindly supported the move without even studying the possible implications of the decision,” Mr Uttam Kumar Reddy said. He said Mr Rao’s “blind love” for Mr Modi had created havoc especially farmers, traders, daily wage earners and even the salaried. He said lakhs of jobs were lost and thousands of small industries were closed due to demonetisation.
Even after one year, none of the affected sections had recovered from the shock, he said. He demanded the TRS government release a detailed statement on the overall impact of demonetisation in Telangana state on both public and private sectors. “Wrong economic policies of the TRS government, coupled with demonetisation, has pushed the state into a deep financial crisis. Telangana state’s debt has increased to Rs 1,35,554 crore and the interest impact on the exchequer during the financial year 2016-17 was Rs 8,609.19 crore,” he said.
AICC TS incharge R.C. Kunthia said the fact that almost 99 per cent of demonetised currency notes had returned to the RBI showed that Mr Modi's claims on black money were prove wrong. Former Union minister S. Jaipal Reddy, former MP M. Anjan Kumar Yadav, CLP leader K. Jana Reddy, Leader of Opposition in Council Shabbir Ali, AICC secretary V. Hanumantha Rao, former PCC president Ponnala Lakshmaiah, former minister Danam Nagender spoke at the event.
