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  1. Demonetisation: Piyush Goyal backs note-ban, slams Nobel laureate Paul Krugman for criticizing the policy

Demonetisation: Piyush Goyal backs note-ban, slams Nobel laureate Paul Krugman for criticizing the policy

The Union Minister had slammed Nobel Laureate Dr Paul Krugman for his yesterday's comment, at the HT Leadership summit, criticizing the implementation of the anti-graft policy.

By: | New Delhi | Updated: December 3, 2016 12:33 PM
Speaking at the HT Leadership summit, Piyush Goyal, claimed to not have witnessed any collateral damage on the common people post the note-ban implementation. (Reuters) Speaking at the HT Leadership summit, Piyush Goyal, claimed to not have witnessed any collateral damage on the common people post the note-ban implementation. (Reuters)

Amid escalating controversies on the demonetisation policy implemented by the Narendra Modi led central government, Union Minister Piyush Goyal, today, backed the note ban policy. The Union Minister claimed that implementation of the policy is going as per plan, and the move by the center is a crucial one to curb the flow of black money and bring down corruption in the country.

Speaking at the HT Leadership summit, Piyush Goyal, claimed to not have witnessed any collateral damage on the common people post the note-ban implementation and said that only a few people had been complaining against the central government’s move on media platforms.

The Union Minister had also slammed Nobel Laureate Dr Paul Krugman for his yesterday’s comment, at the HT Leadership summit, criticizing the implementation of the anti-graft policy. Dr Paul Krugman, yesterday, while speaking at the summit, called the Modi government’s demonetisation policy as ‘unusual’. The American economist said that while the motivation behind demonetisation is understandable, the implementation of the policy is highly disruptive. Commenting on Dr Krugman’s remarks, Goyal mocked the Nobel Laureate saying that he missed the point on demonetisation and had also missed quiet a few things in the past decade. The Union Minister also stated that winning the Nobel prize doesn’t always imply that a person is absolutely right.

Citing the increase in the flow of black money in the country, Prime Minister Narendra Modi, on November 8 had implemented the demonetisation policy, following which there had been a ban on old currency notes of higher denominations. Controversies erupted since the initiation of the anti-graft policy, with many including political leaders and economists criticizing the way implementation, resulting into a continuing public distress, even weeks after it started.

Praising the people of the country, claiming that they had been remarkably in support of the demonetisation policy, Goyal said that a short term pain through the process of implementation, was expected, but it is for a later good. The senior BJP leader also said that the government had complete transparency and all accounts relating the policy are on the website.

Goyal claimed that it is only the people with illegitimate money have reasons to be concerned of, the honest and common have no reasons to worry on.

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