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Shah in an industry interactive session at Ficci, said 300 mn new bank accounts were opened and seven crore people benefited from the Mudra bank (which benefits small entrepreneurs).
"We have worked very hard to carry forward the country's economy and demonetisation is an example," Shah said, adding that the BJP government focused on long-term gains rather than short-term benefits.
He also said: "We have not linked the policy decisions with the vote bank. Due to this, our political loss may have happened."
The Narendra Modi government does not believe in taking such decisions that "look good to people", but believes in taking decisions which are "good for people".
Shah also said that political stability is necessary for economic and industrial development. "For the first time in 30 years a single majority party has come to power and people of India played a decisive role in this change."