PM Modi in Parliament: Timing of note ban is best when economy is in good shape

The PM's defence of note ban goes contrary to many renowned economists' version who denounced the decision when the Indian economy was in good shape

PM Modi in Parliament: Timing of note ban is best when economy is in good shape

Prime Minister Narendra Modi on Tuesday defended his demonetisation drive in Parliament and said that the best time to launch demonetisation is when the economy is doing good.

"Since the economy was in strong condition, the timing of demonetisation was the best," Modi said in Lok Sabha while replying to the Motion of Thanks on President Pranab Mukherjee's address.

"When can you have an operation? When the body is healthy. The economy was doing well and thus our decision was taken at the right time," Modi said.


"Like Swachh Bharat, the decision on demonetisation is a movement to clean India (from corruption and black money)," Modi added in his address.

"I am taking such decisions which are hurting big people and because of that I am going to face problems. I am ready for that." he added.

The PM's defence of note ban goes contrary to many renowned economists' version who denounced the decision when the Indian economy was in good shape.

Former Prime Minister and acclaimed economist Manmohan Singh had called demonetisation a "monumental mismanagement" and "organised loot and legalised plunder".

Modi on November 8 last year, announced scrapping high denomination notes of Rs 1000 and Rs 500 in a televised address. The decision was described as a bold move against black money and terrorism by the government.

During his address, Modi also lashed at the Congress over the role of "one family" in the freedom struggle and they had avoided the contribution of others."There are many people like me who couldn't die for the nation during the freedom struggle but we are living

"There are many people like me who couldn't die for the nation during the freedom struggle but we are living for India and serving India," he said during the debate hour on Motion of Thanks to the President's address.

"Somewhere on the way, 'Jan Shakti' (people power) was forgotten and we don't accept this," Modi said.

"I never heard them speak about the role of Chandrasekhar Azad, Bhagat Singh and many other freedom fighters who laid down their lives for the country," Modi added.

"They think the country got independence only due to one family," the PM said as an indirect attack on the Nehru dynasty. He added India had to be taken to newer heights. "Faith in Jan Shakti will give results."