New Delhi : The Bharatiya Janata Party’s national executive on Saturday lauded the Prime Minister Modi’s visionary leadership in successfully carrying out a “historic step” of demonetisation to recall the high-value bank notes.
An economic resolution passed unanimously on the last day of the 2-day executive, the highest decision making body of the party, also praised the steps and the measures that were followed up since November 8, when Modi announced the surprise move aimed at curbing black money and corruption.
Union minister Nirmala Sitharaman said demonetisation was a war against the parallel economy as the resolution underlined that it was necessary for decimating the parallel economy of black money and for smooth functioning of the GST (Goods and Services Tax) regime in near future.”
The resolution noted that the currency swap has brought more money to the banks to lend and interest rates have been reduced. It said that black money has been deposited in banks and has, therefore, lost its anonymity. It said the informal economy will now increasingly integrate with the formal economy, which will lead to higher revenues with the states and the Centre and also lead to “bigger and cleaner Gross Domestic Product.”
Quoting finance minister Arun Jaitley, who moved the resolution, Sitharaman said contrary to claims by the Opposition, revenue collections in most large states had gone up during the month of November “with the exception of West Bengal.”
“The combined Opposition has run a negative campaign against the Modi government on demonetisation, but the surveys show that 80-85 per cent people have backed the decision,” party spokesman GVL Narasimha Rao added.
Demonetisation and the surgical strike against the terrorist bases across the Line of Control (LoC), the de-facto border with Pakistan, dominated the national executive that also discussed preparations for the upcoming Assembly elections in five states.
Describing demonetisation as part of a series of decision of the Modi government to usher in a cleaner economy, the resolution said the note ban is an important step in the remaking of an equitable and strong India. “This step has reaffirmed the belief that patriotism isn’t just a political talk but it is the political will to take strong and decisive steps to favour the last man.”
The resolution hailed the government for taking the demonetisation decision “with full-fledged preparations” and its “successful and credible implementation.” Jaitley described the demonetisation as a sacred and patriotic move and a step to “transfer black money from the tax non-compliant to the poor and the weak.”
The resolution also expressed its gratitude to the people for their unhindered support to the note ban move, noting that there wasn’t even a single incident of lawlessness in the 50-day exercise.