Demonetization, a Success: PM Narendra Modi

1 month ago Saloni Hindocha 0

On 8th November 2016, the Government announced the demonetization of Rs 500 and Rs 1000 notes. This move created widespread chaos and ruckus all across the country. People could be seen queuing in the banks to exchange their old notes with new notes or to deposit their money. ATMs across the country were running out of money as soon as they were filled. The main agenda of the Government behind this move was to put an end to the growing black money in the economy. Some economists were of the view that this move would cause a fall in the GDP of the economy. However, Narendra Modi was of the view that there would be some pains initially but this move would be successful in the long run.

Demonetization

Prime Minister Narendra Modi said on Sunday that the demonetization was a success story and for carrying out the step like that one, the world was respecting the country even more. The demonetization move helped India to gain more respect and recognition from the world as a strong economy. According to Narendra Modi, the matter of Demonentisation was not about a note going out of use and a new note coming in.  To him, it is India’s success story.  The Prime Minister says to English News channel Times Now that it is this move which increased the world’s confidence in the Indian Federal Structure, the Indian government’s governance and the role of Reserve Bank of India in the economy.

Instant Effect of Demonetization

He also added that people tried to create more chaos, they also attempted to instigate riots, went to the Supreme Court to challenge the law and tried everything else that was possible to sabotage this new law. He believes these attempts were aimed at saving the dishonest people that were hoarding black money or were part some form of corruption. World economic institutions like the International Monetary Fund(IMF) and World Bank acclaimed the moves of Demonetization and Goods and Services Tax (GST) undertaken by Narendra Modi. Reacting to the applause of these institutions, the Prime Minister said that for him the certificate of his countrymen matters the most and he has received their appreciation.