Uttar Pradesh Chief Minister Akhilesh Yadav on Tuesday said black money helped the Indian economy during the global recession. “Economic experts say the magnitude of the global economic crisis at times was not felt in India because of the strong [parallel] economy of black money. [However,] I am opposed to black money. I do not want it,” he said.
Moreover, the chief minister added that the demonetisation move will not serve the purpose of curbing black money. “This problem cannot be overcome merely by changing Rs 500 and Rs 1,000 notes. Those who used to keep such notes are now waiting for Rs 2,000 notes.”
Yadav’s comment comes as the Opposition leaders rally against the government on the demonetisation scheme. Ever since Prime Minister announced the government’s decision to scrap old Rs 500 and Rs 1,000 current notes, politicians have criticised the move as “anti-poor”. Delhi Chief Minister Arvind Kejriwal has alleged that Modi had warned his aides before making the announcement, while West Bengal Chief Minister Mamata Banerjee, Kerala Congress, Rahul Gandhi, and many others have called it a “draconian decision”. Parties are expected to discuss the demonetisation drive in both houses of Parliament when the Winter Session begins on Wednesday.
Though the Centre remains firm that the decision will root out corruption in the long-run, Modi reportedly asked legislators not to be defensive about the move. The prime minister has appealed to the public a number of times for their cooperation, as well as thanked them for their support and for waiting in long queues to exchange their notes.
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