Congress, CPI hail President Mukherjee's statement on demonetization

Backing President Pranab Mukherjee's statement on demonetisation, the Congress and the Communist Party of India on Friday echoed similar sentiments while stating that if the the former makes such a statement then the government should analyse seriousness of the situation.

"All in all it was a disaster step taken by the government and if the President has to come out and make a statement like this you can understand the seriousness of the situation," Congress leader Sandeep Dikshit told ANI.

The Congress leader also said that the whole 'game' that Prime Minister Narendra Modi has played for isolating black money holders has failed.

Resonating similar sentiments, CPI leader D. Raja also hailed President Mukherjee's assertion and said that the latter has made serious observation on the government's demonetisation drive.

"Pranab Mukherjee himself is the former finance minister of the country and he knows how economic policies are decided and implemented. He knows what would be the implication of the major economic policies," Raja told ANI.

He also took a dig at the Prime Minister and the Bharatiya Janata Party (BJP) leaders for arguing that demonetisation drive has boosted the economy in every sphere.

President Mukherjee yesterday said that the demonetisation move may lead to temporary slowdown of the economy.

"Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy," the President said while addressing the Governors and Lieutenant Governors through video-conferencing from Rashtrapati Bhavan here.