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  1. What Demonetisation did to India: Here’s how PM Narendra Modi thinks about it and why he is ready to pay the price

What Demonetisation did to India: Here’s how PM Narendra Modi thinks about it and why he is ready to pay the price

PM Narendra Modi on Thursday said that demonetisation was able to bring a behaviour change in the country, but he is ready to pay the "political price" for the decision.

By: | Published: November 30, 2017 1:43 PM
What Demonetisation did to India: Here's how PM Narendra Modi thinks about it and why he is ready to pay the price PM Narendra Modi on Thursday said that demonetisation was able to bring a behaviour change in the country, but he is ready to pay the “political price” for the decision.

PM Narendra Modi on Thursday said that demonetisation was able to bring a behaviour change in the country, but he is ready to pay the “political price” for the decision. Ever since the launch of demonetisation decision on November 8 last year, PM Modi has been attacked by the opposition parties who dubbed noteban as a disastrous decision. However, demonetisation hasn’t hurt BJP. Infact, if reports are to be believed, popularity of the prime minister has increased further in the last one year.

“You will be feeling yourself the kind of behavioural change that has taken place in the country. This is the first time since independence when the corrupt people are scared before the transactions of black money. There is fear of being caught in them,” Modi said at Hindustan Times Leadership Summit. He added that the black money that was basis of the first parallel economy has comeback to the formal economy after Demonetization.

The money which returned to the banks brought with it the evidence, Modi said. He added that the data the country received is not less than any treasure. The prime minister revealed that mining of this data revealed that four-five hundred companies were operating from the same address in our country. Adding, that each one company had opened two to two thousand bank accounts. “Wasn’t this a strange contradiction? On one hand, the poor had difficulty in opening an account in the bank and on the other hand a company easily opened thousands of accounts,” Modi said.

“During the demonetisation, the manipulation of these accounts was coming in the way,” Modi said. So far, nearly 2.5 lakh such companies have been de-registered. “The directors of these companies, whose responsibility was that these companies should work properly, their responsibility has also been fixed,” Modi said. Such people have now been barred from becoming a director in any other company.

Modi termed demonetisation as a “step which will further strengthen healthy and clean corporate culture in our country.” On GST, Modi said, “Applying GST was also an important step for the country’s economic hygiene. In 70 years, the system which was created, now the country has moved forward leaving behind the weaknesses which prevailed in doing business and the compulsions.

The prime minister asserted that demonetisation and GST rollout may result in terms of political fallouts. Speaking at the Hindustan Times Leadership Summit in New Delhi, he said that he was ready to pay a “political price” for combating graft in the country. Modi said, “I might have to pay a political price for the path I have taken (against corruption), but I am ready for it.”

“Our government has a holistic approach. We don’t work in silos, and we work together… We have transformed corruption in to probity. That’s why the people of India elected this government,” PM Modi said.

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