Thomas Isaac likens demonetisation drive to cyclone 'Ockhi'

Thiruvananthapuram: Finance Minister Thomas Isaac on Friday compared the demonetisation drive by the Center with Cyclone 'Ockhi', which ravaged the Kerala coast, leading to the death of scores of people in Kerala and neighboring states.

Isaac, while presenting the annual budget in the state assembly, asserted that the decision to scrap the currency of high values was like Cyclone 'Ockhi' on the Indian economy.

Further targeting the ruling National Democratic Alliance (NDA), the minister expressed disappointed on the rolling out of the Goods and Service Tax (GST).

"Demonetisation was a cyclone 'Ockhi' on the economy and the Goods and Service Tax(GST), rolled out by the government, was very disappointing. The end consumers are not getting the actual benefits of the GST and the corporate sectors are making the most out of this," he said.

Isaac also announced Rs 2000 crores coastal area package and allotted around Rs 600 crores to the fisheries sector.