Indian economy badly hit due to demonetisation before pandemic: KTR

The country's economy was badly hit due to the demonetisation even before the COVID-19 pandemic, said minister KT Rama Rao taking a jibe at BJP-led NDA government.

Speaking at 'Hushaar Hyderabad with KTR' where the minister attended as chief guest at Hyderabad Marriott, he said the economic slowdown has begun before the pandemic. "Due to the policies of the central government, the GDP slumped in the eight consecutive quarters which resulted in a recession. The impact of demonetisation has badly hit small, micro and medium enterprises and results are still seen and the COVID-19 induced lockdown has hit it further," he said.

However, the state is being recovered from crisis after lockdown, he added. The minister said that the state's economy is needed to be improved further as it is already seen, several shopping malls and other business establishments are opened in Hyderabad.

"Protests were being seen for electricity at Indira Park before achieving a separate statehood and also, there used to be curfews. However, after TRS emerging to power, no such things were seen," he said.

The minister expressed dissatifisfaction on the policies of the central government and questioned the public as to how many people have benefited from Rs 20 lakh crore package announced by the centre.