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PM vouches for cashless economy, says large volumes of cash a source of corruption

Corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class, says PM Modi

Press Trust of India  |  New Delhi 

Prime Minister Narendra Modi. Photo: PTI
Prime Minister Narendra Modi. Photo: PTI

Contending that large volumes of liquid cash are a big source of and black money, Prime Minister on Friday appealed to the people to "lead the change" towards transactions to lay the strong foundations of an India where there is no place for such malaise.

"In 21st century India, there is no place for slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class," he wrote in an article posted on Linkedin.com.

"Large volumes of liquid cash are a big source of and black money," he said while referring to his "historic" decision on November 8 to scrap Rs 500 and Rs 1,000 notes with an aim of ending and

Asserting that in 21st century India, there is no place for corruption, Modi said, "slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class."

In this context, he referred to his pitch for transactions.

"I urge all of you, particularly my young friends to lead the change and inspire others to turn towards transactions. This will set the strong foundations of an India where there is no place for and black money," the Prime Minister said.

"Today we live in an era of mobile banking and Ordering food, buying and selling furniture, ordering a taxi...All of this and lot more is possible through your mobiles. Technology has brought speed and convenience in our lives," he added.

Along with the article, he posted pictorial references to options like credit cards.

"I am sure most of you are using cards and e-wallets regularly but I thought I must share with you ways through which increased transactions are possible," he said. Modi said the November 8 decision offered "a unique

opportunity" for small traders, who have a central role in the economic transformation of India.

"Today, our trading community has a historic chance to upgrade themselves and embrace more technology, which will bring greater prosperity," he said.

He said when he made the announcement, he was aware that the people of India "will face inconvenience but I had requested the people of India to bear this short term pain for long term gain. I am happy to see that the people of India are bearing temporary difficulties for the long term gain of the nation."

The Prime Minister said over the last few days, he had opportunities to travel to rural as well as urban areas in Uttar Pradesh, Karnataka, Goa and Punjab.

First Published: Fri, December 02 2016. 12:12 IST
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