Prime Minister Narendra Modi has said that his government has been able to bring inflation further down which had gone out of control before the 2014 elections. Modi also noted that despite demonetisation move, the gross domestic product (GDP) figures of the last quarter have proved that the country is on the path of fast-paced development.
Prime Minister has said that after the decision to demonetise high value currency notes, many lies were hurled, rumours were created and allegations were leveled that everything will disintegrate now and the economy will finish. However, he said some people did face difficulties but GDP numbers make it clear that the economic growth did not go down as they had predicted.
PM has stated that political and business leaders globally have supported the demonetisation move. He noted that it is absolutely true that every sector will benefit, be it social or economic, when black money will be routed out of the system. He added that the world is viewing this bold decision of India with respect. Meanwhile, the government recently pegged the GDP growth rate at a higher-than-expected 7.1 per cent for the current financial year despite the impact of note ban.