Telangana's economy yet to recover from demonitisation impact: Uttam

Hyderabad : Telangana Pradesh Congress Committee (TPCC) President Capt. N. Uttam Kumar Reddy on Wednesday said that Telangana was yet to recover from the shock of demonitisation which was implemented by Prime Minister Narender Modi a year ago.

Addressing the 'Black Day' meeting at People's Plaza which was organised to mark the anniversary of demonitisation, Uttam Kumar Reddy said all sections of the society were badly hit due to demonetisation. While the Prime Minister cheated the common people by stating that things would be normal after 50 days, Chief Minister K. Chandrashekhar Rao blindly supported the move without even studying the possible implications of the decision. He said KCR's blind love for PM Modi created havoc for almost all sections, especially farmers, traders, daily wage earners and even salaried people. He said lakhs of jobs were lost and thousands of small industries were closed due to demonitisation. Even after one year, none of the affected sections recovered from the shock of demonitisation, he said.

Uttam Kumar Reddy said that the unilateral decision taken by PM Modi has hurt the country's economy and GDP growth. He said former Prime Minister Manmohan Singh had rightly described demonitisation as organised loot and legalised plunder. He said instead of taking corrective steps to reduce the impact of damage caused due to demonitisation, BJP Government gave another blow to country's economy with ill-planned Goods & Services Tax. He said again KCR supported GST move without even bargaining with the Centre on compensation to be paid to Telangana. He said that Telangana's economy was in dire straits. Wrong economic policies of TRS Government, coupled with demonitisation, has pushed the entire state in deep financial crisis. He said Telangana's debts has increased to Rs.1,35,554 crore and the interest impact on the State exchequer during the financial year 2016-17 was Rs.8609.19 crore.

The TPCC chief slammed the BJP and its allies for organising celebrations to mark the anniversary of demonitisation. He said more than 200 innocent people were killed while standing in bank queues to withdraw their own money or to exchange old notes. Neither the Central Government nor State Government even consoled the families of those killed in those long queues. And now they shamelessly want to celebrate the occasion. He said people would teach a fitting lesson to both BJP and TRS Governments for their arrogance and insensitive attitude.

Uttam Kumar Reddy demanded that the TRS Government release a detailed statement on the overall impact of demonitisation in Telangana State on both public and private sectors.

AICC Telangana Incharge Secretary R.C. Khuntia, in his speech, said almost 99% of demonitised currency notes have returned to the RBI. Thus, PM Modi's claims on black money proved wrong. Similarly, there was no decrease in terror or extremist activities after demonitisation. He said that the move was completely insane which has shattered the country's economy beyond repair. He said that the Congress party would continue its agitation against demonitisation till 2019.

The meeting was also addressed by senior leaders including AICC Telangana Incharge Secretary R.C. Khuntia, ex-union minister S. Jaipal Reddy CLP leader K. Jana Reddy, Leader of Opposition in Council Shabbir Ali, AICC Secretaries V. Hanumantha Rao and Madhu Yaskhi Goud, ex-PCC President Ponnala Lakshmaiah, ex-minister Danan Nagender, ex-MP M. Anjan Kumar Yadav and others.

Earlier, the Congress leaders paid tributes to former Prime Minister Indira Gandhi at her statue near Necklace Road. They also released black balloons in the air and came to the public meeting venue in a massive rally.

Meanwhile, Congress workers across Telangana State have observed 'Black Day' by organising meetings, rallies and demonstrations in their respective districts.