New Delhi, Dec 17, 2016: Defending government’s decision to demonetise Rs 500 and Rs 1000 notes, Finance Minister Arun Jaitley on Saturday called the move courageous and said India now has the capacity to take and implement a decision on notes ban.
Addressing a gathering of industry leaders at the 89th annual general meeting of Federation of Indian Chambers of Commerce and Industry (FICCI), Jaitley said, “India has the capacity to take the decision on demonetisation; it’s no longer a fragile economy.”
Jaitley said note ban will have long-term benefits and also assured that remonetisation will not take a very long time.
Describing India as one of the fastest growing major economies in the world, Jaitley termed the decision to demonetise an important beginning of development.
“As far as the decision with respect to currency is concerned, it marks an important beginning. This decision decides several other implications,” he said.
Taking a dig at the Congress government, the finance minister said the normal that existed for 70 years is “unacceptable”.
The opposition has been targeting the government over note ban saying the move has left millions facing the severe cash crunch.