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

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.

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