Demonetisation a bitter pill for long term illness: Venkaiah Naidu

He said black money is eating our economic system, now the money is back in the bank

Demonetisation is a "bitter pill" to treat illnesses and will reap benefits in longer run, Union minister M Venkaiah Naidu said on Friday.

"Several views have been presented on demonetisation, it may have caused initial discomfort or loss to public but will reap benefits in longer run. It is like a bitter pill for long term ill," Naidu said.

The Union Minister for Urban Development and Information and Broadcasting made the comments while addressing students at Delhi University's Hansraj College at an event on financial literacy organised by the college's Finance and Investment Cell.

"Black money is eating our economic system, now the money is back in the bank, people have been joking about it but soon it will be a welcome back situation for black money," he said.

Naidu also claimed the BJP government is moving forward with a holistic approach where citizens are also being involved in initiatives aimed at their betterment.

"Earlier people used to have an impression that they will vote and sit back and their elected government will make the efforts and produce results. But as per PM Modi's strategy the citizens are being equally involved and asked to make efforts to supplement government's initiatives," he said.