Hyderabad: Demonetisation was a colossal failure which crippled the growing Indian economy, Telangana Rashtra Samithi (TRS) working president K.T. Rama Rao said on Monday.
“What a colossal failure this Demonetisation was & let’s not forget how it crippled the growing Indian economy,” tweeted the TRS leader.
KTR, as Rama Rao is popularly known, alleged that this “half-baked” idea led to eight consecutive quarters of slowdown, subsequently landing in lockdown in 2020 serving a body blow to the vibrant economy.
KTR, who is also state minister for industries and information technology, was reacting to a tweet by a TRS member P. Vishnuwardhan Reddy.
Reddy posted a media report abou the Reserve Bank of India (RBI) data which reveals that six years after demonetisation, the cash with public increased by 72 per cent from Rs 17.97 lakh crore to Rs 30.88 lakh crore.
“Somebody said give me 50 days, burn me alive if I am wrong,” wrote Reddy, who also posted a newspaper clipping about Prime Minister Narendra Modi’s statement days after announcing demonetisation.