Merely ten days back, President Pranab Mukherjee while addressing an event in Hyderabad, was optimistic about the Indian economy. But in a change of tone, the president on Thursday while speaking about note ban said that it may lead to a temporary slowdown of the economy.

Demonetisation, while immobilising black money and fighting corruption, may lead to "temporary slowdown" of the economy, the President said addressing the Governors and Lt Governors through video-conferencing from Rashtrapati Bhavan.

Source: b'President Pranab Mukherjee |Source: PTI\xc2\xa0'

Here are the other things he said:

"We all will have to be extra careful to alleviate the suffering of the poor which might become unavoidable for the expected progress in the long term," Mukherjee said.

He said that while he appreciates the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, he is not too sure that the "poor can wait that long".

"They need to get succour here and now so that they can also participate actively in the national march toward a future devoid of hunger, unemployment and exploitation," the President said.

Read the full speech here

(Feature image source: PTI)