The hardships caused by the November 8 demonetisation could last for another month-and-a-half, Union Home Minister Rajnath Singh said on Friday.
Demonetisation may have attracted flak from various quarters, but it managed to raise India's pride and helped minimise corruption and income disparity, he told a rally in Cuncolim assembly constituency, around 45 km from Panaji.
"Steps were taken to stop the generation of black money. Demonetisation was also criticised a lot. I accept that for some time, some people faced difficulty. It could be that the difficulties will continue for a month or a month and a half," Singh said.
"The decision was not taken for political mileage by the Prime Minister, but to boost India's pride, to minimise corruption, to minimise income disparity," he said.
He claimed international economists had appreciated Prime Minister Narendra Modi's decision to demonetise high-denomination currency.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.