Black money helps beat recession blues, says Akhilesh Yadav

However, Akhilesh still pointed out that he was opposed to the menace of black money

Uttar Pradesh Chief Minister Akhilesh Yadav on Tuesday claimed black money helped an economy beat recession blues, even as the Centre's demonetisation scheme neared the end of its first week.

Talking to newspersons here this morning, Akhilesh noted although he was against the menace of black money, economists and experts had said black money actually helped a country’s economy during times of recession through money circulation.

The comment comes on the backdrop of the chief minister urging the Centre to suspend the demonetisation decision until November 30 and allowing the private hospitals and nursing homes to accept the now illegal tender of 500 and 1,000 denomination.

Recalling the hardships being faced by the common man due to the scrapping of notes, he claimed the people always uproot such a regime which makes their life difficult.

Samajwadi Party (SP) president Mulayam Singh Yadav had also supported Prime Minister Narendra Modi’s crusade against black money, but demanded the decision on demonetisation be suspended for a week and that women be allowed to deposit up to Rs 5 lakh in cash without penalty.

Earlier, Akhilesh had flagged off the 'India-Myanmar-Thailand Friendship Motor Car Rally' at his official 5, Kalidas Marg residence. The rally, which started from New Delhi on November 13, is scheduled to culminate in Bangkok, Thailand, on December 3, 2016.

The process of a Motor Vehicle Agreement has already been initiated between India, Myanmar and Thailand to enable to and fro movement of cargo and passenger vehicles between the three countries.

The car rally has been organised under the aegis of the Indian Chamber of Commerce (Kolkata), Kalinga Motor Sports Club (Odisha) and the Union Road Transport and Highway Ministry.