Demonetisation is short term pain for long term gain: PM Modi

Raigad: Asserting that demonetisation is a short term pain for a long term gain, Prime Minister Narendra Modi on Saturday claimed that his government will not shy away from taking tough decisions in interest of country's bright future.

Speaking at the inauguration ceremony of the new campus of National Institute of Securities Markets (NISM) here, PM Modi stated that his government will not take any decisions for short term political gains.

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The opposition parties, led by Congress, have been strongly opposing the note ban claiming that the government's November 8 decision has halted the economic progress of the country. Congress vice president Rahul Gandhi has accused the PM of ignoring the poor and farmers of the country to benefit his industrialist friends and ‘one per cent super rich’ people of the country.

What else Prime Minister Narendra Modi said?

• The government is working for the welfare of the poor in the villages and not the already rich and prosperous Indians.
• The true measure of success is the impact in villages, not in Dalal Street or Lutyens' Delhi.
• Stock markets are essential for start-up ecosystem. Financial markets play an important role in modern economy. They, however, can be very damaging if not regulated properly.
• Our markets should ensure that they are able to successfully enhance capital for projects which will benefit the majority of country's population.
• India has made a huge name globally for its well-regulated securities markets and Securities and Exchange Board of India (SEBI) can take pride in this.
• During the BJP's rule of two and a half years, the Centre has successfully transformed economy. We have managed to cut fiscal deficit while forex reserves have enlarged and inflation has been maintained low at the same time.

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