New Delhi: Facing criticism from the Opposition over his demonetisation move, Prime Minister Narendra Modi said on Wednesday that riding the system of black money and corruption was “very high” on his agenda.
Economic processes in India were being geared towards activities vital for creating jobs and self-employment opportunities, the PM said, while addressing via video conferencing a business leaders’ conclave in Kuala Lumpur.
The comments came even as Opposition parties continued on Wednesday its attack against the PM’s shock currency replacement move that has led to a crippling cash crunch, hitting India’s largely cash-based economy and clouding growth prospects.
The PM however sounded optimistic and told the gathering that a number of steps have been taken to attract greater foreign investments. “We welcome those who are not in India so far... India is always a good decision,” Mr Modi said.
“The outcomes of our efforts are visible from India’s global rankings on various indicators,” he said, amid reports of the Reserve Bank of India and the Asian Development Bank flagging demonetisation risks and lowering their growth forecasts for India.
“India is currently buzzing with entrepreneurial activity like never before... We have now become the 6th largest manufacturing country in the world,” he said.
“The positive change in policy, regulatory and investment environment in India is recognised by both domestic and foreign investors,” he said and added, “India is currently witnessing an economic transformation... We are now moving towards a digital and cashless economy,” he said
The Opposition has cited no real “black money windfall” for the economy and criticised the government’s move to heavily promote digital transactions to tide over the cash crunch and boost its tax revenue.
A scramble of cash has caused a string of deaths across states, prompting an unrelenting Opposition attack on the government and disrupting an almost entire Parliament session.
Long queues have stayed outside low-on-cash banks and ATMs even 35 days after the Centre’s started replacement of Rs 500 and Rs 1,000 bills to fight black money and fake currency.
