Standing up is the right then to do. Image Credit: Pixabay.com
After almost 50 days of a massive de-monetisation campaign, which is one of the most massive and unparalleled in the whole world, The Indian Prime Minister Narendra Modi is addressing the nation since last 20 minutes. I am watching this on TV.
He has listed the reasons why the de-monetisation exercise had to be taken for 500 and 1000 rupees note. Massive cash based parallel economy that aided criminals, big tax evaders and terrorists. He has talked for the need to take strict steps even if they cause short term pain. Some key points:
1)He thanked the honest people, who had to endure pain and suffered by standing in huge lines to get their money exchanged, withdrawn or deposited.
2)In India, just 24 Lakh people claim to have more than Rs. 10 Lakh as yearly salary, but one can see many more people having big houses, cars, foreign holidays. This is a stark gap and needs to be addressed.
3)Banking people worked hard during demonetisation, including many women employees. Yet, there were some unscruplous elements who favored some rich people and illegaly tried to get illegal and out of limit cash converted and deposited or withdrawn. Many have get caught and as per PM strict action awaits them. In short, such illegal behavior will not be tolerated.
4)Interest rate rebates have been announced for the poor to avail homes under Prime Minister Awas (Housing) plan.
5)More rebates for Kisans(farmers) from co-operative and other banks. Also, converting Kisan Credit card to Rupay card to enable the farmers to use them from anywhere unlike currently when they have to go to a bank to use them.
6)An indicator to the Banking sector to stop favoring rich and super-rich as what they traditionally do, and rather give more priority to the poor, lower middle class and middle class.
7)Credit guarantee for smaller enterprises to be raised from Rs.1 crore to 2 crore.
The address still continues, but overall, the moves are aimed for farmers, poor people and smaller enterprises.
Now, overall the PM has suggested pro-poor and smaller enterprises measures, which will hopefully augur well for India as well.
Source: PM’s address to the nation 31 Dec 2016 19:30 IST onwards, as watched on TV news
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View Comments
One of the boldest steps taken by an Indian PM, even his haters will appreciate it. He will be hailed in the history for this. Many countries will try to emulate India in future on demonetization, but it takes enormous amount of planning and tough character to sustain it. Because 90% are corrupt, in any country, who will try to bring down the stage for everyone.
Yes I very much agree with you. We see more negatives than positives in things around us.
And people are overlooking that he is taking steps keeping in mind the people first and not the party.