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Demonetisation Has Slowed Down Country's Economy: Akhilesh Yadav

Demonetisation has slowed down the country's economy and it would take 6 to 12 months to normalise the situation, Uttar Pradesh Chief Minister Akhilesh Yadav said on Thursday.

Press Trust Of India

Updated:December 1, 2016, 4:35 PM IST
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Demonetisation Has Slowed Down Country's Economy: Akhilesh Yadav
File Image of Uttar Pradesh Chief Minister, Akhilesh Yadav. (Picture courtesy: Getty Images)

Lucknow: Demonetisation has slowed down the country's economy and it would take 6 to 12 months to normalise the situation, Uttar Pradesh Chief Minister Akhilesh Yadav said on Thursday.

"December 1 has arrived. Salaries are to come in bank accounts but how much money one will get (withdraw) is not certain. There is no word on when these queues (outside banks) will end. The decision has slowed down the entire economy and it will take over six months to a year to normalise the situation," he said.

Akhilesh claimed that the government was frequently changing its stand and it was saying the situation will be under control by month-end.

"But, I don't think it will become normal before 6 to 12 months," he said.

The chief minister was addressing a gathering after kick-starting the trial run of Lucknow metro here.

"Economy gets a boost when one spends. Stopping one from spending will affect development. This (demonetisation) is to create complications. We have sought details as to how much money banks are getting but we have not got the information," said the UP Chief Minister.

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