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Note ban may slow down economy in short run: Prez
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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.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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