PM Modi has taken corruption, black money head on: Jaitley

Hailing the BJP-led NDA Government's demonetisation drive, Union Finance Minister Arun Jaitley on Thursday said the bold decisions taken by Prime Minister Narendra Modi has ended the policy paralysis prevalent under the UPA regime.

Silencing all critics, Jaitley said the decision of banning high denomination notes has filled the nation with a new kind of enthusiasm.

Addressing the gathering at a seminar on 'Indian Economy- The New Norm' here, Jaitley said that demonetisation was a very bold as well as difficult decision taken by Prime Minister Modi to fight black money and corruption.

"In spite of everything, post this decision there is an atmosphere filled with enthusiasm in the nation. A new word in the UPA regime had come up 'policy paralysis' depicting that the then government was afraid of taking new decisions, the policy making got paralyzed," said Jaitley.

"This decision of demonetisation which Prime Minister took was a difficult decision. There was corruption all over. It is not easy to take issues like corruption, black money, election money head on, as it is not even definite that the endeavour will be successful or not," he added.

Jaitley said it is a huge step to swap 86 percent of currency of the nation.

"The hidden currency comes out, which also includes fake currency, money which is used to carry out criminal activities, money which is used by terrorist organizations. It is a very bold decision, which is all the more difficult to implement," he added.

Jaitley further said the Goods and Services Tax (GST) Bill and demonetisation are two initiatives, which will change the economic environment of the nation.

The Finance Minister also asserted that the currency swap will also strengthen the banks which initially needed budgetary support to function.

"The two difficult decisions this government has taken which no government could take was of the Goods and Services Tax and the second is this currency swap. And once these two decisions are implemented successfully, it will positively change the economic environment," said Jaitley.

"Ability of the banks to support the economy was decreasing and then to strengthen the banks we used to contribute from the budget. And this step has strengthened the banks," he added.