UP polls 2017: PM Modi digs at Amartya Sen's criticism, says hardwork is more powerful than Harvard
Amartya Sen, noted economist and Professor of Economics and Philosophy at Harvard University, has recently termed the ban an "unguided missile fired unilaterally without regard to democratic norms"
Prime Minister Narendra Modi on Wednesday came with a quick reply to Nobel laureate Amartya Sen's criticism of demonetisation saying hard work is more powerful than Harvard. Modi's remarks at an election rally in Uttar Pradesh's Maharajganj came in the wake of release of GDP data which showed that the overnight scrapping of Rs 1000 and Rs 500 notes in November did not affect the growth rates at all.
"There are those (critics of note ban)... people from Harvard, Oxford... great economists... those who predicted that the GDP will go down two per cent or even four per cent... but the nation has seen how Harvard thinks and how 'hard work' thinks," the PM said, addressing a large gathering in Maharajganj.
"On one hand are those from Harvard, who speak in the name of Harvard, and on the other hand is a poor mother's son who is trying to transform the economy of the country through hard work," Modi said.
GDP data released on Tuesday showed that despite the note scrap, Indian economy managed to register a growth rate pf seven per cent in the December quarter, thereby cementing its place among fastest growing economy.
Amartya Sen, noted economist and Professor of Economics and Philosophy at Harvard University, has recently termed the ban an "unguided missile fired unilaterally without regard to democratic norms". He also described the decision as a "despotic action that has struck at the root of economy based on trust".
The demonetisation, which wiped out 86 per cent of currency from the market, left millions of people waiting for new notes at bank ATMs, was considered as an achievement to curb black money.
Union Finance Minister Arun Jaitley responded to the data saying it "belies exaggerated claim" by many that rural sector was in distress. "I had consistently maintained that revenue figures indicated that growth was there, and that some cash-dominant areas would be impacted," he said.
The Opposition parties have questioned the credibility of the data, with Senior Congress leader Anand Sharma calling it "surprising and highly suspect".