Prime Minister Narendra Modi defended the demonetization move with a lot of conviction during his one-and-half hour speech made in the Lok Sabha on Tuesday.
The Honorable Prime Minister asserted that the move was initiated at the right time and the entire exercise will prove beneficial for the economy.
“Some people have said why was this (demonetization) decision taken when the economy was doing well…It was the best time for demonetization as the economy was strong. Had the economy been weak, then we could not have done it successfully,” he said.
The Prime Minister also contended that the decision to ban the old currency notes was not taken in haste. It was a well thought and planned move. The government had evaluated all important parameters of the economy, deeply analyzed all dimensions of demonetization before initiating the move.
Modi categorically stated that the demonetization move was, in no way, linked to the ongoing assembly polls in some states of the country.
While the speech was marred by protests by the opposition, Modi was never bogged down by them. As a counter attack, he pointed the finger at Congress citing that the party was supporting dynasty politics.
The Prime Minister acknowledged that demonetization resulted in a lot of inconvenience for the masses. He however maintained that the move was essential to curb black money.
Modi also referred to the other steps being taken by the government to tackle the menace of a parallel economy. These include strengthening the benami law and the introduction of the Real Estate Bill. The Permanent Account Number (PAN) is now mandatory for all cash transactions of more than Rs 2 lakh which would act as a deterrent for black money hoarders.
