Modi's demonetisation a colossal failure, says KTR

Hyderabad: With reports showing that even six years after demonetisation, the Centre's main objectives of digital payments and less cash were still distant dreams, the TRS has called the Modi government's much hyped idea a 'colossal failure'.

TRS working president and Industries Minister KT Rama Rao tweeted, "What a colossal failure this demonetisation was and let's not forget how it crippled the growing Indian economy. This half-baked idea led to eight consecutive quarters of slowdown, subsequently landing in lockdown in 2020 serving a body blow to the vibrant economy."

He was reacting to a media report shared by Putta Vishnuvardhan Reddy, who tweeted: "RBI data reveals that six years after demonetisation, the cash with public increased by 72 percent from Rs.17.97 lakh crore to Rs.30.88 lakh crore."