‘Demonetisation causing loss of Rs 25,000 crore of GDP per day’

Echoing Chief Minister Mamata Banerjee’s words, Bengal Finance minister Amit Mitra on Wednesday said that the demonetisation had caused a loss of around Rs 25,000 crore of Gross Domestic Product (GDP) per day from country’s exchequer.

Mitra – who was the keynote speaker at the Global Mining Summit and International Mining and Machinery Exhibition on Wednesday – said the first six days of the demonetisation had resulted in a loss of around Rs 1.5 lakh crore of the GDP.

“The country’s GDP per day is around Rs 45,000 crore. The Chief Minister estimated the loss of GDP per day at around Rs 25,000 crore. This is a huge loss. The nation’s economy will be affected by the Centre’s decision of demonetisation,” Mitra said on the sidelines of the Global Mining Summit and International Mining and Machinery Exhibition, organised by the CII and supported by Coal India Ltd, Ministry of Mines, Coal, Steel, and some other stakeholders.

“The loss is increasing day-by-day. Stranded truckers are waiting for solution in border areas, the traders cannot find any way to do business, and fish markets are empty as there are no buyers. Where we are going?” Mitra asked.

Chief Minister Mamata Banerjee and other Opposition party leaders sought President Pranab Mukherjee’s intervention over the problems faced by people, following the “financial calamity” unleashed by the demonetisation.

Trinamool Congress alleged that the move was implemented by the Centre “without planning” and has led to “anarchy”. The party believes that the move has created financial calamity and financial emergency in the country and demanded that the Centre restore normalcy immediately.

Mitra also said that the trucks have to pass through a ‘weighing bridge’ and give away Rs 240 instantly. “Those truckers cannot pay the changes. They are now standing still,” he added.

It may be recalled that the Chief Minister had gone to the streets of Kolkata to speak with common people and know the problems they are facing while exchanging or depositing the invalid notes in banks and post offices.

She asked them how they would buy essential household commodities after Rs 1,000 and Rs 500 notes were banned. She also spoke to bank officials and enquired how they were dealing in this pressure situation.