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PM Modi defends demonetisation

World Bank has said the social impact of demonetisation may have been greater as the informal economy was likely to have been hit especially hard.

World Bank has said the social impact of demonetisation may have been greater as the informal economy was likely to have been hit especially hard.  

Accuses Sonia, Rahul of fraud

Prime Minister Narendra Modi on Monday strongly defended demonetisation, arguing that the exercise had made “so much development possible” in a short period.

Targeting Congress leaders Sonia Gandhi and Rahul Gandhi, Mr. Modi said when the “mother and son are out on bail in a money laundering case, they are giving me certificate for honesty.”

“They are asking for the accounts of demonetisation when it is because of demonetisation that the fraud these people [Sonia and Rahul] committed could be detected,” he said.

Speedy progress

The Prime Minister was in Chhattisgarh on Monday to campaign for the second phase of polling on November 20, when 72 of the State’s 90 constituencies will vote. He said speedy progress of his development projects was possible only due to the note-bandi or demonetisation.

He used the word vikas — development — more than a dozen times in the half-hour speech in Bilaspur in north Chhattisgarh. He targeted the Congress for failing to develop the State over the past few decades.

“People often ask me how I deliver so much on so many fronts — from road construction, electricity distribution, electrification of railways to building schools or raising IIMs and IITs — where do I get so much money from. I say this money was there earlier also … This is not Modi’s money, but yours; earlier it was kept under the bed or in large jute bags… demonetisation brought them all out and that is why there is so much of work,” the Prime Minister said.

He targeted the Nehru-Gandhi family for the poor distribution of money for projects. He said during Congress’s rule money used to “disappear.” “One of Congress’s Prime Ministers, third generation Prime Minister, said that if ₹1 is released from Delhi, only 15 paise reaches the people. Now, what is that ‘hand’ that used to make 85 paise disappear? I would say, this demonetisation has brought that 85 paise out.”

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Printable version | Jul 7, 2020 3:53:55 PM | https://www.thehindu.com/news/national/pm-modi-defends-demonetisation/article25479420.ece

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