Industrial production growth declines to 0.5%: Industrial production recorded an all-time low at 0.5% in November 2017, the central government said on Friday, January 11. As per news agency, a poll conducted by economists had expected growth of 4.1% in the industrial production for November, but the figures failed to achieve number which was put forth by economists. Meanwhile, the growth in industrial production October last year was reported up to 8.4%.
The statistics come at a time when Prime Minister Narendra Modi in an exclusive video to news agency ANI said demonetisation was not a “jolt” (jatka). Speaking to ANI PM Modi had said the demonetisation decision was not taken in a night, it took a year to complete its process. He further said that it an imperative for a healthy economy in the country.
In an unprecedented announcement on November 2016, PM Modi had banned Rs. 500 and Rs. 1,000 notes overnight to curb black money in the banking system and to promote digitisation.
After the revocation of currency which left 80% of the cash in circulation worthless, ATMS banks witnessed serpentine queues to withdraw the money and to exchange the old currency notes.
Meanwhile, a report by The Hindu said demonetisation had hit millions of farmers. The report said the economic policy came at a time when farmers were already engaged in either selling or sowing crops, which require a lot of money.
Millions of farmers were reportedly unable to get enough cash as there was a liquidity crisis due to a shortage of printing of the new 500, 2,000 currency notes.