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India's richest tycoon Mukesh Ambani today threw his weight behind Prime Minister Narendra Modi's demonetisation move, saying in a single stroke all unproductive money has been brought into productive use.
Announcing extension of free domestic voice calling and data on his Reliance Jio network till March 31, Ambani said he wants to "congratulate and applaud" Modi for his "bold and historic decision" to junk old 500 and 1000 rupee notes.
"By doing this, our Prime Minister has given the strongest possible push to the growth of a digitally-enabled, optimal-cash economy in India," he said.
Stating that the move will help change the mindset of the people of India, he said, digitally-enabling transactions will help "create a fair, just, transparent and strong India and Indian economy."
"It will bring unprecedented accountability at every level," he said. "I believe that the common people will be the biggest beneficiaries of this change."
Stating that the biggest beneficiary of the move will be the ordinary Indian, he said moving to cashless economy and digital mode of payments will end queues not just for utility bill payments but also for depositing or withdrawing money at banks.
"With one single step, he has brought all the unproductive money into productive use. This will enhance credit flow in the economy and legitimate credit is the fuel that powers the engine of economic growth," he said.
Ambani, who heads India's biggest private sector firm Reliance Industries Ltd, said till now credit in India had mostly been high value and low volume.
"Digital enablement has laid the groundwork for broad availability of low value, high volume credit. This will provide credit to our farmers, small shopkeepers, traders and daily wage earners," he said.
Moving to cashless economy and digital mode of payments will lead to people not having to stand in queue for train tickets, paying utility bills or depositing/withdrawing money from banks. Time saved is money earned, he said.
A digitally-enabled economy will help India become stronger - and every Indian becomes even stronger, he said.
"Once again, I would like to join my fellow Indians in congratulating our Honourable Prime Minister for this historic decision that implements his vision of Digital India and lays a strong foundation for the Indian economy," Ambani added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)