Modi defends demonetisation 'India will shine like gold'
Source: The Sangai Express / Agencies
New Delhi, November 27 2016:
Prime Minister Narendra Modi on Sunday said he was confident that India would shine like gold after the Government's decision to demonetise high value currency notes that would curb unaccounted wealth in the country.
"Just like gold we will emerge glowing from this fire.
The main reason behind this confidence is our people," said the Prime Minister, defending the demonetisation move in his monthly radio broadcast "Mann ki Baat" .
Modi said he had cautioned that there would be inconveniences caused by the move and that "we would face new problems" .
However, the Opposition has been resolute on its stand that the poor and rural population are not tech savvy, which is why digital banking is not a viable option for them, adding that those living in regions mostly comprising villages do not even have bank accounts.
More than 90 pc of consumer purchases in India are transacted in cash, Credit Suisse estimates.
While a smartphone boom and falling mobile data prices have led to a surge in digital payments in recent years, the base still remains low.