Prime Minister Narendra Modi on Tuesday said world leaders and experts endorsed his government’s decision to scrap high-value banknotes and dismissed Opposition’s claim that the controversial move to purge the economy of black money slowed down economic growth.
PM made the remark while inaugurating an ONGC Petro Additional Limited (OPaL) Complex in Dahej, in Gujarat. Modi is on a two-day visit to his home state.
``In November, after the demonetisation decision was taken curb black money and root out corruption, allegations were made that the move will harm the economy. But the financial figures of the last quarter has given the answer,’’ said Modi.
He went on to quote Apple ‘s CEO Tim Cook as saying the move will have far-reaching consequences. Microsoft co-founder Bill Gates said the decision will eliminate parallel economy and will bring transparency in the economy, the PM added naming several other bigwigs who lauded the move.
“The World Bank’s CEO Kristalina Geogieva said it will have a positive impact on the economy and world should study the step taken by India,” he said.
``Malaysian Prime Minister Najib Razak called it a bold decision. International Monetary Fund also supported the decision. Nobel laureate economist Muhammad Yunus said demonetisation has brought the rural and unorganized sector under the banking system. British newspaper Financial Times wrote that this will take money away from the criminals,’’ he added.
Quoting world investment report, Modi said India is the world’ fastest growing major economy and is considered as the top three prospective host economy of the world for the period between 2016 and 2018.
In 2015-16 country attracted record foreign investment to the tune of $ 55.5 billion dollars, he said, adding in past two years, India has climbed up 32 points in the World Economic Forum’s global competitiveness index.
In World Bank’s logistics performance index, India improved its ranking from 54th position in 2014 to 35th in 2016, the Prime Minister pointed out.
Speaking at the inauguration programme of the OPaL complex, Modi said the inflation too is no longer an issue in the country with even opposition parties failing to make it a poll-plank during campaigning for the assembly elections in five states of UP, Punjab, Uttarakhand, Goa and Manipur.
The complex is a multi-billion joint venture company promoted by the ONGC and co-promoted by the GAIL and the GSPC. Its main dual feed cracker unit has the capacity to produce 1100 KTPA of ethylene and 400 KTPA of propylene.