The demonetization was an “attack” on corruption and black money that were rampant during the “lost decade” of the congressional-led UPA government, the BJP said on Sunday while attacking the opposition party for criticizing the move.
On November 8, 2016, Prime Minister Narendra Modi announced the decision to ban all higher denomination 500 rupees and 1000 rupees banknotes from midnight.
The demonetization was good for the country, said BJP national spokesman Rajeev Chandrasekhar.
It resulted in the cleaning up of the economy, the formalization of the informal sector and the aggregation of income, he said at a press conference at the party headquarters here on the fourth anniversary of the demonetization.
Also read: 3 soldiers and BSF agent killed, 2 terrorists shot dead in Machil de JK
“Demonization had dealt a severe blow to systemic financial corruption and the black money economy. Since then, it has simultaneously strengthened the formal economy and brought unprecedented financial benefits to all sectors of society, ”said Chandrasekhar.
His comments came after Congress leader Rahul Gandhi criticized the government for demonetization, claiming that the move four years ago was aimed at helping some of Prime Minister Modi’s “crony capitalist friends” and had “destroyed” the Indian economy.
Without naming names, Chandrasekhar said: “If there is anyone who shouldn’t talk about the loot, the mismanagement of the economy, it should be people from Congress. During the lost decade of the UPA government led by Congress, there was rampant black money corruption and corruption in the country’s economy.
The United Progressive Alliance (UPA) was in power in the Center for two terms, from 2004 to 2009 and from 2009 to 2014.
Since 2014, the Modi government has embarked on the transformation of the economy and demonetization was part of it to ensure that government resources reach the poor and oppressed without corruption or leakage, Chandrashekhar said.
“Demonetization had three significant and tangible impacts: sanitation of the economy, formalization of the informal sector as it helped us reach the poor and needy, and aggregation of income,” said the BJP leader.
Chandrasekhar said that economic transformations or decisions made by the Modi government in the past six years had an overall positive impact on the Indian economy.
.
