Demonetisation shows PM Modi’s ‘enormous courage’: Ratan Tata

Demonetisation is one of “three most important economic reforms” in India’s history and people must support the government for it, said industrialist Ratan Tata on Saturday.

Demonetisation is one of “three most important economic reforms” in India’s history and people must support the government for it, said industrialist Ratan Tata on Saturday.

Demonetisation is one of “three most important economic reforms” in India’s history, says Ratan Tata. (PTI)

“The prime minister has displayed enormous courage in waging war on the black market economy in the country through the implementation of a major demonetisation programme,” said Tata who had earlier urged the government to give the poor relief in dealing with the economic decision.

“The government’s firm resolve to fight and eliminate black money needs the support and cooperation of all like-minded citizens of India who would like to see more equitable distribution of the nation’s resources in a new India of tomorrow, based on merit and equal opportunity.”

“Demonetisation is amongst the three most important economic reforms in India’s history, along with delicensing and GST,” Tata said in a tweet. He added that the parallel black money economy in India has fueled tax evasion, money laundering and corruption.

Tata in October returned to lead the Tata Group as interim chairman after the company sacked Cyrus P Mistry as it chief. The two men are now fighting to control the Tata Group.

Tata, earlier this week, had asked the government to consider special relief measures, similar to those employed at the time of national calamities, for the poor so as to lessen their hardships of currency crunch following demonetisation of high value notes.