Replying to a debate in the Lok Sabha on supplementary demands for grants, the minister said the note ban will eventually lead to increase in Gross Domestic Product (GDP).
Quoting Bhimrao Ambedkar, the minister said political equality without social and economic equality means nothing.
"Why did you not work towards bringing social and economic equality," Meghwal said targeting the opposition Congress.
"This programme of demonetisation will do it," he said.
The minister then said the divide between the rich and the poor was increasing when other parties were in power, and post-demonetisation it is being reduced.
He said demonetisation brought transparency, which will lead to increase in GDP.
"Post-demonetisation, with digital transaction, everything will be counted, consumption will rise, investment will rise, export will rise and GDP will also rise," he said.
Talking about the Uttar Pradesh assembly elections, he said: "You have seen the results in the elections... They are saying demonetisation was not an election issue... why not? It was a major issue... People gave their verdict."
He also took a jibe at the opposition parties in Uttar Pradesh and said: "The results were such because you were nurturing one section and depriving the other."
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)