 "Economists are confused, but people power behind note ban: PM")
Prime Minister Narendra Modi has said that note ban has forced all “black money to come out in the open” and the decision wasn’t taken for any short-term windfall gain, but for a long-term structural transformation.” He has said that he can see an India that is ‘swachh’, or purged, from all forms of filth.
In an interview to newsmagazine India Today, the PM counted the gains of demonetisation. He said counterfeit notes, available in high volumes with India’s enemies, have been instantly neutralised. He said districts famous for counterfeiting hubs have been badly hit. In the interview, as he did in his speech in Dehradun on Tuesday, the PM claimed note ban has grievously hurt terrorists, Maoists, human trafficking and narcotics trade.
In a swipe at economists who have criticised the move, the PM said: “This decision (demonetisation) is so huge that even our best economists remain confused in their calculations. India’s 1.25 billion citizens, however, have welcomed it wholeheartedly and supported it even in the face of great personal difficulties, intuitively understanding its impact and importance.” He said the programmes and policies of his government bear out the centrality given to the poor, downtrodden and marginalised.
According to a transcript of some of the quotes of the PM posted by the magazine on its website, Modi has said the objective of note ban was to clean “our economy and society of the menace of black money, purging the distrust, artificial pressures and other ills that come with it.” He said India is standing at a watershed moment, on the cusp of actualising its inherent potential as a developed nation and global leader, an India which is ‘swachh’ from all forms of filth.
The PM defended the frequent changes in Reserve Bank of India and government notifications. He said a distinction should be made between niti, or policy, and ran-niti, or strategy. The policy was unequivocal, but strategy needed to be dynamic - needed to be two steps ahead of the enemy. “I seek no personal benefits from all this, only the greater good,” Modi said.
He criticised former PM Manmohan Singh for terming demonetisation as “monumental mismanagement”. Repeating what he had said at an event in Varanasi earlier this month, the PM said Singh has been at the “helm” of India’s economic policymaking for around 45 years – chief economic advisor, RBI governor, Planning Commission head, finance minister and prime minister – “all the while during which large sections of our society have continued to live in poverty and deprivation.”
The PM criticised the Congress for its “desperation” to slam the decision. Modi claimed the government tried to keep Parliament functioning during its winter session and that he was keen to speak in both the Houses. He blamed a “concerted attempt” by the Congress to not allow a proper debate. The PM said the “fashion” of reducing any talk of combating corruption to political motives is a “dangerous trap” and creates a cover for people to get away with corruption.
The PM also spoke about how multiple elections raise political expenditure, hurt economy and stall governance.