Note ban will lead to bigger, cleaner GDP, claims BJP

New Delhi: Congratulating Prime Minister Narendra Modi-led government for the “historic” demonetisation decision and the “successful implementation”, the BJP on Saturday said the decision was taken to create an equitable and a strong India.

The party also accused the Opposition of trying to defame the government, and said the demonetisation was rolled out to empower the poor.

The party’s national executive, which concluded on Saturday, passed an economic resolution, which described the demonetisation of Rs 1,000 and Rs 500 bank notes as a “bold step”.

Union finance minister Arun Jaitley, who moved the resolution, explained the objectives behind the government’s decision to demonetise the high value notes at the meet. Mr Jaitley said the government was “constantly tracking” the situation on the ground and doing their best to respond to problems being faced by people on a daily basis. Mr Jaitley also spoke about on the various initiatives taken by the government.

Expressing gratitude to people for putting their “faith  and trust” in the government’s demonetisation decision, the resolution said their “faith, patience and support” strengthened the government’s determination to weed out black money and fake currency rackets.

Briefing the media on the resolution and Mr Jaitley’s speech in a closed-door meeting, Union minister Nirmala Sitharaman said the money deposited after the demonetisation drive will boost developmental projects.

“Black money has been deposited in banks. It has lost its anonymity.

The informal economy will now increasingly integrate with the formal one.

This will lead to higher revenues in the states and at the Centre. It will lead to bigger and cleaner GDP,” the resolution said.

The resolution said the demonetisation was necessary to eliminate the parallel economy, and for the smooth functioning of the GST in near future.