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 today.
"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 kickstarting 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)