Centre feels worst of note ban chaos is over
“We have signs of recovery, much earlier than our expectation,” a senior Union minister told HT.india Updated: Dec 29, 2016 01:20 IST
The Narendra Modi government is expecting a happy new year. As the PM’s December 30 deadline to restore normalcy after the chaos from the note ban draws closer, leaders are heaving a sigh of relief that the ‘worst’ of the instability is over.
Inputs received in the Prime Minister’s Office (PMO) and other related ministries have generated hope in the government that the economy was recovering faster than it expected. “We have signs of recovery, much earlier than our expectation,” a senior Union minister told HT.
This is good news for the party. It is readying for an electoral battle in five states, UP being the most crucial. Since November 8, the party has been struggling to deal with conflicting inputs about the ban’s impact.
“But, the worst is over,” the minister said. “Industrial production is improving...”
“The only issue now is availability of currency notes, which is improving. There is no case of industrial houses going bankrupt or becoming insolvent,” another minister said.
These inputs will be exchanged with BJP leaders at the party’s national executive meet on January 6 and 7.