Note ban key reason for economic slowdown : Hariprasad

Note ban key reason for economic slowdown : Hariprasad Kolkata, Nov 8 (PTI) Senior Congress leader B KHariprasad Friday accused the Narendra Modi government of'ruining' the country's economy with the 'arbitrary anddisastrous decision' of demonetisation.

He said the government is living in denial about thefact that the economy is in 'tatters'.

The Congress veteran questioned the purpose of thenote ban as it failed to serve all its purposes, includingending terrorism in Kashmir and unearthing black money.

'The country's economy is on a downward slide and oneof the key reasons behind it is the decision ofdemonetisation. It has ruined Indian economy,' he said.

The decision had a cascading effect on Indian economy- from destroying rural economy tounemployment, to creating ahavoc in industrialisation start ups. 'Everything has gone fora toss,' the Congress MP told a protest rally here on thethird anniversary of demonetisation.

The Congress leader claimed that not a single purposethat was listed during demonetisation has been served. 'Fromunearthing black money to fighting corruption, to destroyingterror infrastructure in Kashmir - it has not served a singlepurpose. Rather both corruption and terrorism is on the rise,'he said.

'The decision has devastated the Indian economy,taking many lives, wiping out lakhs of small businesses andleaving millions of Indians unemployed,' Hariprasad said.

Criticising the Centre for failing to revivethe country's economy, the Congress leader saidthe 'weirdestpart' of the slowdown is that the Centre is in 'completedenial' about the economic slump.

'The union government is busy in only criticisingopposition parties and is in a denial that there is a economicslowdown. Untill and unless you accept there is a problem, howcan you be honest in solving it?' he asked.

Announcing the demonetisation on November 8, 2016,Prime Minister Narendra Modi had declared that Rs 500 and Rs1,000 currency notes would cease to be a legal tender.

The West Bengal Congress organized a protest marchfrom Coal India office to RBI office in central Kolkataagainst the decision of note ban. PTI PNT KKKK KK