Demonetisation will temporarily slowdown the economy: President

New Delhi: President Pranab Mukherjee on Thursday said that the Centre's move of demonetisation for fighting corruption will temporarily slowdown the economy and government should take appropriate steps to lower the sufferings of poor.

President was delivering the New Year message to the Governors and Lt. Governors of states and Union Territories through video conferencing from Rashtrapati Bhavan.

What Pranab Mukherjee said?

- Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy.

- We all will have to be extra careful to alleviate the pain of the poor.

- While I appreciate the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, I am not too sure that the poor can wait that long.

- They need to get succour here and now, so that they can also participate actively in the national march towards a future devoid of hunger, unemployment and exploitation.

- The recent package (On New Year's eve) announced by the Prime Minister will provide some relief.

- The GDP growth of 7.2 per cent in the first-half of 2016-17 -- same as that of the last year -- is a pointer to the fact that our economic recovery has been on solid grounds.

President over the assembly elections in five states:

- At times, harmony may be put to test by vested interests. Communal tensions may rear their ugly head.

- Asking the Governors and Lt. Governors to look at social problems affecting millions in our farms and factories, President said, "This should receive your focused attention."