You are here: Home » Current Affairs » News » National
Business Standard

BJP says demonetisation dealt a severe blow to rampant systemic corruption

Demonetisation was good for the country, BJP national spokesperson Rajeev Chandrasekhar said

Topics
BJP | Rajeev Chandrasekhar | Demonetisaton

Press Trust of India  |  New Delhi 

Rajeev Chandrasekhar
File photo of BJP MP and national spokesperson Rajeev Chandrasekhar

Demonetisation was an "attack" on corruption and black money that were rampant during the "lost decade" of the Congress-led UPA government, the said on Sunday while hitting out at the opposition party for criticising the move.

On November 8, 2016, Prime Minister Narendra Modi had announced the decision to ban all currency notes of higher denomination of Rs 500 and Rs 1,000 from midnight.

Demonetisation was good for the country, spokesperson said.

It resulted in cleaning up of the economy, formalisation of the informal sector and revenue aggregation, he told a press conference at the party's headquarters here on the fourth anniversary of demonetisation.

"Demonitisation had dealt a body blow to the systemic financial corruption and black money economy. Since then, it has simultaneously invigorated formal economy and brought unprecedented financial benefits to all sections of society," Chandrasekhar said.

His remarks came after Congress leader Rahul Gandhi slammed the government over demonetisation, alleging that the move four years ago was aimed at helping a few of Prime Minister Modi's "crony capitalist friends" and had "destroyed" the Indian economy.

Without taking names, Chandrasekhar said,"If there is anybody who shouldn't talk about loot, mismanagement of the economy it should be people from the Congress. During the lost decade of the Congress-led UPA government, there was rampant black money and corruption in the country's economy."

The United Progressive Alliance (UPA) was in power at the Centre for two terms from 2004 to 2009 and from 2009 to 2014.

From 2014, the Modi government embarked on transforming the economy and demonetisation was part of it to ensure government resources reach the poor and the downtrodden without corruption and leakage, Chandrashekhar said.

"Demonetisation had three significant and tangible impacts -- cleaning up of the economy, formalisation of the informal sector as it helped us to reach the poor and needy, and revenue aggregation," the leader said.

Chandrasekhar said the economic transformations or decisions taken by Modi government in the last six years had an overall positive impact on the Indian economy.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


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.

Digital Editor

First Published: Sun, November 08 2020. 16:32 IST
RECOMMENDED FOR YOU
.