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HTLS 2017: PM Modi says demonetisation brought in proof of black money, finished parallel economy

PM Narendra Modi said at the HT Leadership Summit that the information demonetisation unearthed on black economy was a treasure trove.

htls Updated: Nov 30, 2017 13:48 IST
Sandip Bardhan
Sandip Bardhan
Hindustan Times, New Delhi
Narendra Modi,Hindustan Times Leadership Summit,HTLS 2017
PM Narendra Modi delivers the inaugural address at the Hindustan Times Leadership Summit at Hyatt Regency in New Delhi.(Burhaan Kinu/HT Photo)

Prime Minister Narendra Modi said the Centre was committed to cracking down on corruption and he was willing to pay a “political price” for the policy path his government had taken.

Addressing the inaugural session of the 15th edition of the Hindustan Times Leadership Summit on Thursday, Modi said the information demonetisation unearthed on black economy was a treasure trove that would help India in its war against corruption.

“I might have to pay a political price for the path I have taken but I’m ready for it,” he said. The comments come at a time when opposition parties, especially the Congress, have made demonetisation and the initial glitches in the launch of the goods and services tax (GST) a poll issue in the PM’s home state of Gujarat.

Modi also said GST was a major step towards transparency and Aadhaar a weapon against benami properties.

Speaking about the government’s decision to scrap high-value banknotes, Modi said the note ban had brought large parts of the underground economy into the formal system.

“Demonetisation brought in proof of black money…finished parallel economy,” he said.

He also described Aadhaar as an “irreversible change”, referring to the HT Leadership Summit’s theme this year.

Click here for full coverage on the HT Leadership Summit

First Published: Nov 30, 2017 10:57 IST