Business India

Demonetisation beneficial in the long term: RSS

India has emerged from the shocks of the demonetisation exercise and has realised that it will bs beneficial in the long-term, the RSS said on Sunday.

“There have been mixed reactions towards demonetisation. There were a lot of shocks in the beginning but the nation has emerged out of those shocks,” senior RSS leader Manmohan Vaidya told the media.

“Now people have started to realise that it (demonetisation) would be beneficial for the country in the long-term. But it’s too early to comment on it,” he said.

Vaidya was responding to the question if demonetisation issue was discussed during the three-day coordination meeting of the RSS which concluded here on Sunday.

His remarks came days after the RBI announced that 99 per cent of the banned notes were returned to the banks thereby raising questions on the whole demonetisation exercise.

Lingering effects of demonetisation also pulled down India’s economic growth rate in the first quarter of the current fiscal ended June to 5.7 per cent, as compared to 7.9 per cent in the same period a year ago.

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