SME Times is powered by   
Search News
Just in:   • '35 pc cos pay nil GST, which shows no burden on SMEs'  • Cinepolis Hosts a Special Screening for the Underprivileged Kids  • Dr Amal Al Qubaisi Wins Parliamentarian Excellence Award as Best President of Arab Parliament  • Launch of Life Skills Program  • Google Play Awards 2017 Announced: LIKE Wins 3 Prizes Among Global Competitors 
Last updated: 06 Jan, 2017  

Pranab Mukherjee THMB Note ban may slow down economy in short run: Prez

Pranab Mukherjee
   Top Stories
» FM for strengthening banks to enable them to lend to MSMEs
» Ready to discuss all issues on floor of Parliament: Govt
» Only 13 pc cos use digital to drive both growth, efficiency: Survey
» Impact of GST on SMEs: Mixed reactions from state Finance Ministers
» WPI inflation at 3.93 percent in November
SME Times News Bureau | 06 Jan, 2017
Demonetisation may lead to a temporary slowdown in the economy, President Pranab Mukherjee said on Thursday.

"Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy," the President said in a video address to the Governors of states and Lt. Governors of Union Territories.

"We all will have to be extra careful to alleviate the sufferings of the poor, which might become unavoidable for the expected progress in the long term," he added.

Delivering his New Year address through video to the serving Governors and Lt. Governors, President Mukherjee said: "While I appreciate the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, I am 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 towards a future devoid of hunger, unemployment and exploitation."

"The recent package announced by the Prime Minister will provide some relief," Mukherjee added.

Talking about the upcoming elections to assemblies in five states and the likely political slugfest which may disturb the social harmony, he said: "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: "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.

"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."

"Though our exports have been affected by weak global demand, we have a stable external sector," President said on the low export during the last fiscal.

"Reviving exports will remain a challenge but we can overcome it by improving the competitiveness of the domestic industry," he opined.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 16 Dec, 2017
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(13)
» Foreign Trade Policy(6)
» Govt launches public procurement portal for MSEs - MSME Sambandh(1)
» List of items for which anti dumping duties has been levied with related notifications(1)
» India, China to strengthen bilateral trade, investment(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter