BJP scripts new economic mantra, lauds note ban

Calls demonetisation 'sacred movement'

BJP scripts new economic mantra, lauds note ban

 After Finance Minister Arun Jaitley explained partymen at the party conclave about why Prime Minister Narendra Modi went for demonitisation, the BJP on Saturday came out with a new economic mantra: Bigger and cleaner GDP meant prosperous India, and the country needed honest and transparent business.

The BJP concluded the two-day national executive on Saturday, passing economic resolution to laud Modi’s “courageous” November 8 demonetisation decision to knock out blackmoney and corruption, and empower the poor.

Side-stepping the Opposition’s criticism that the note ban brought miseries rather than benefits to people, the BJP described the period beyond demonetisation as a “sacred movement” to bow to temporary pain masses underwent with enthusiasm.

Jaitley also assured the conclave that the blackmoney which returned to the banking system will generate higher revenues and cleaner GDP — which was a counter to former Prime Minister Manmohan Singh, who in Parliament, had said the country’s growth will receive a setback of 2%.

Opposition defaming govt

The resolution moved by Jaitley also accused the Opposition of defaming the government, and destroy the country’s positive environment created through series of welfare measures taken by the government.

“Black money has been deposited in the banks. It has lost its anonymity. The informal economy will now increasingly integrate with the formal economy. This will lead to higher revenues with the states and the Centre. It will lead to the bigger and the cleaner GDP,” the resolution said.

The BJP also explained that demonetisation was necessary to destroy the parallel economy fueled by black money before bringing a new uniform tax regime through the GST Act. Another benefit of the exercise, stated the resolution, was that now, banks have more money to lend and interest rates have already come down.

Union Commerce Minister Nirmala Sitharaman, who briefed media on the economic resolution in the closed-door meeting, said the “bold and historic decision” gave an insight into Modi’s firm and visionary leadership.

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