Black money helped Indian economy during global recession: Akhilesh Yadav

"I am opposed to black money. I do not want it," he said on the sidelines of Indo-Myanmar-Thailand Friendship Car Rally flag off here.

By: PTI | Lucknow | Updated: November 15, 2016 6:28 pm
Demonetisation, Akhilesh Yadav, black money, Demonetisation Akhilesh Yadav, Akhilesh black money, UP CM black money Uttar Pradesh Chief Minister Akhilesh Yadav courted controversy today when he said economic experts believe black money helped the economy during global recession. Express photo by Vishal Srivastav 

In a controversial remark, Uttar Pradesh Chief Minister Akhilesh Yadav on Tuesday said economists were of the opinion that black money helped the Indian economy in times of global recession. “I am very clear on this…black money should not be generated. Economic experts say the magnitude of the global economic crisis at times is not felt in India because of strong (parallel) economy of black money,” he said. “I am opposed to black money. I do not want it,” he said on the sidelines of Indo-Myanmar-Thailand Friendship Car Rally flag off here. His remarks come in the wake of the government’s sudden decision to demonetise Rs 500 and Rs 1000 notes to stamp out black money, resulting in serpentine queues outside banks and ATMs.

Akhilesh also said that whichever government had troubled the poor, it was shown the door by the masses. “This
government has caused immense pain to commoners,” he said. The chief minister was of the view that demonetisation will not serve the purpose of checking black money. “It’s good that corruption is checked and people become aware that there should not be (any) corruption. But this problem cannot be overcome merely by changing Rs 500 and Rs 1000 notes…Those who used to keep such notes are now waiting for Rs 2000 notes…,” Akhilesh had said on Saturday.

Akhilesh recently sent missives to Prime Minister Narendra Modi and Finance Minister Arun Jaitley urging them to allow Rs 500 and Rs 1,000 notes at private hospitals and medicine shops till November 30 to ensure medical facilities to the poor. “As Rs 500 and Rs 1,000 were banned in haste, those undergoing treatment at hospitals and nursing homes are facing a lot of problems. I, therefore, request you to intervene and allow private hospitals, nursing homes and medicine shops to accept these notes till at least November 30,” Yadav said.

“Due to the ban, those going to avail medical facilities in hospital are a harried lot. It is proving fatal for them. Allowing (Rs 500 and Rs 1,000 notes) currency will help people get medical treatment,” he said.

With foreign tourists facing difficulties due to demonetisation, Yadav has directed the state Chief Secretary
to ensure opening of extra counters for them to exchange currencies. As the Centre’s move caught people by surprise, SP supremo Mulayam Singh Yadav has demanded a roll back of the decision for a few days in view of the wedding season.

He suggested that people be given a weeks time by the government. BSP chief Mayawati has also said poor people and farmers have been badly hit by the decision, which reminded people of the dark days of Emergency imposed by the then Congress government.

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  1. V
    Vini
    Nov 15, 2016 at 10:58 am
    Give the ess a weeks time to convert their black money. Kids are more intelligent than these buggers.
    Reply
    1. K
      Kds
      Nov 15, 2016 at 4:18 pm
      Once again the paid spokespersons of corrupted politicians are in the market place to explain how black money is so good for India!theses shameless ppl.dont pay a single penny as taxes and enjoy all the benefits of this country.what a shame.
      Reply
      1. K
        Kanu Patel
        Nov 15, 2016 at 5:53 pm
        He exposed himself .
        Reply
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          Michellegt;Vedicgt;human
          Nov 15, 2016 at 12:36 pm
          His father says rape is acceptable part of Yadav society and now the son says corrupt black money is good for the economy.-----and father and son are both CM's of UP,----shows frustration with black money trashed overnight.----better luck next time CM's.
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            MyTake
            Nov 15, 2016 at 6:33 pm
            Mr. Akhikesh if blacklt;br/gt;Money is soooooooo good what about those who do not have it?
            Reply
            1. P
              Pmp
              Nov 15, 2016 at 10:57 am
              An outlandish comment representative of the lords of BIMRU states.They have generated this problem and will not let go the booty soon.An equivalent of French Revolution with guillotining of the Netas,corrupt babus and their cronies will only solve this problem,which is impossible in today's world.
              Reply
              1. R
                Roger That
                Nov 15, 2016 at 1:14 pm
                Corruption is the Fifth Pillar of Democracy, with Trump as POTUS recession is just around the corner..dia needs black money more than ever...
                Reply
                1. R
                  Roger That
                  Nov 15, 2016 at 12:58 pm
                  In Short he is campaigning for Ariel..."Daag Achhe Hain" ;D
                  Reply
                  1. R
                    Roger That
                    Nov 15, 2016 at 1:08 pm
                    My Comments are also disappearing like Black Money.
                    Reply
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                      abhijit
                      Nov 15, 2016 at 4:20 pm
                      some political leaders are barking...general people had faced dark people for last 40 yrs. wishes to face another 100 days.
                      Reply
                      1. M
                        MYTHBUSTER
                        Nov 16, 2016 at 9:47 am
                        what controversial remarks , it is a truth guys , enhance your knowledge about finance and economics - An Economist in the Real World: The art of policymaking in India
                        Reply
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                          Anand
                          Nov 15, 2016 at 9:37 pm
                          Gene is out of the bottle, so better go along and declare every thing.lt;br/gt;This is one of best things that any goverment has done to root out corruption and black money. Only people who have something to hide will complain.
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                            Anand
                            Nov 15, 2016 at 12:49 pm
                            Nobel committee should consider this fellows name for prize in Economics and Peace!!
                            Reply
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                              Rajesh
                              Nov 15, 2016 at 12:49 pm
                              Shame on looters who justifies black money. I thought he is not like his father but....
                              Reply
                              1. R
                                Raj
                                Nov 15, 2016 at 2:23 pm
                                No wonder the opposition is up at arms regarding this policy! This explains everything... they are part of the problem too...
                                Reply
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                                  avi
                                  Nov 15, 2016 at 10:56 pm
                                  He knows it because they were involved in it !!!
                                  Reply
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                                    Dash
                                    Nov 15, 2016 at 1:29 pm
                                    Shame on such leaders. Is he a CM?
                                    Reply
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                                      Babu Gupta
                                      Nov 15, 2016 at 8:51 pm
                                      I thought he is educated and that too in Australia.
                                      Reply
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                                        Barb Dewyre
                                        Nov 15, 2016 at 11:41 pm
                                        Sometimes it is better to close your mouth and be thought a fool than to open it and remove ll doubt. Pehalwaan economic theories.
                                        Reply
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                                          Binay Mahanta
                                          Nov 15, 2016 at 12:40 pm
                                          Such black-money driven economy helps only those black guys! The people with white money, the ried guys pay the price.
                                          Reply
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                                            bng
                                            Nov 15, 2016 at 4:49 pm
                                            Maybe some matter is missing inside the skull.
                                            Reply
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