Economic Survey 2016-17: Demonetisation has short term costs, potential long term benefits, says Chief Economic Advisor Arvind Subramanian

Chief Economic Advisor Arvind Subramanian on Tuesday addressed the media after Finance Minister Arun Jaitley tabled the Economic Survey in Parliament.

Here are the highlights:

#Demonetisation has short term costs, potential long term benefits

#Not appropriate to do a before-after analysis of GDP growth, with respect to demonetisation

#Bank credit affected by demonetisation, seems like it has come down. Overall picture is mixed

#Currency squeeze was less severe than perceived

#What demonetisation has done is both simultaneously reduced supply of cash, but by the same token it has increased supply of deposits

#Demonetisation has actually affected different forms of money very differently

#The past year has had robust macroeconomic stability

#The document aims to provide objective analysis