We owed demonetisation to nation, says Nirmala

We owed demonetisation to nation, says Nirmala

We owed demonetisation to nation, says Nirmala

 The Modi government “owed” demonetisation to the nation and it had to do it to eradicate black money menace and to bring hoarded cash back into the banking system, Union Minister Nirmala Sitharaman said on Thursday.

Speaking at a panel discussion at WEF on India’s Time to Transform, she said it may sound ‘propagandist’, but one needs a strong and courageous leadership to take such a bold step.

On why the government felt it was necessary to do the demonetisation, Sitharaman said it was part of the “electoral promise we made to check the black money menace”.

“Right after coming to power, we started with setting up the Special Investigation Team, came out with a scheme for declaration of undisclosed money, tightened tax treaties with different countries to check round tripping of money. We took all these steps,” she said.

‘India in sweet spot’

Meanwhile, as the world debates the future of globalisation here at WEF, veteran banker and National Development Bank’s President K V Kamath on Thursday said, “a new normal” is emerging where many countries will prioritise an “inward look” at their national policies, and India remains in a comfortable position in this scenario.

He also said that India and China are going to remain in focus in any debate on globalisation as they contribute a big chunk today to the global growth. “Regarding India, it is in a sweet spot in this whole argument, because for the next 15-20 years, the country is going to be absorbing investments into infrastructure, manufacturing and into areas driving the consumer sector as we grow from $2 trillion to $4 trillion, or $6 trillion economy in the next 20 years,” he said.