Telangana yet to recover from Demonetization: TPCC chief

Hyderabad, Nov 9: The TPCC president N. Uttam Kumar Reddy said on Wednesday, The Telangana state is yet to recover from the shock of demonetization announced by Prime Minister Narendra Modi a year ago.

AICC secretary and TS in charge R.C. Kunthia, TPCC president Uttam Kumar Reddy, along with Congress leaders release black balloons to mark the first anniversary of demonetization at Necklace Road in Hyderabad on Wednesday

Speaking at the 'black day' organized by the Hyderabad City Congress to mark the demonetization anniversary, "The Prime Minister cheated the common people by stating that things would be normal after 50 days. Chief Minister K. Chandrasekhar Rao blindly supported the move without even studying the possible implications of the decision," Mr. Uttam Kumar Reddy said.



He said Mr. Rao's "blind love" for Mr. Modi had created havoc especially farmers, traders, daily wage earners and even the salaries. He said lakhs of jobs were lost and thousands of small industries were closed due to demonetization.

Even after one year, none of the affected sections had recovered from the shock, he said. He demanded the TRS government release a detailed statement on the overall impact of demonetization in Telangana state on both public and private sectors.

"Wrong economic policies of the TRS government, coupled with demonetization, has pushed the state into a deep financial crisis. Telangana state's debt has increased to Rs 1,35,554 crore and the interest impact on the exchequer during the financial year 2016-17 was Rs. 8,609.19 crore," he said.

Former Union minister S. Jaipal Reddy, former MP M. Anjan Kumar Yadav, CLP leader K. Jana Reddy, Leader of Opposition in Council Shabbir Ali, AICC secretary V.Hanumantha Rao, former PCC president Ponnala Lakshmaiah, former minister Danam Nagender spoke at the event.