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Modi at Raigad: Note ban for long term gain; aim is to benefit villages not Dalal Street or Lutyens’

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PM Modi said, “Demonetisation is only short term pain for a long term gain. Government will continue with sound economic policies to ensure India’s bright future in long run. No decisions will be taken for short term political gains.”

A united Opposition has accused the government of halting the economic progress of the country by announcing demonetisation. The Congress has been in the forefront in opposing note ban decision of the government.

Highlights of PM Modi’s speech at Raigad:

Inaugurating the new campus of National Institute of Securities Markets (NISM) in Raigad, PM Modi said that his government took the decisions with an aim at benefiting the villages and not the already prosperous Indians.

“The true measure of success is the impact in villages, not the impact in Dalal Street or Lutyens’ Delhi,” Modi said.

Speaking at the NISM event, Modi said that the government was very keen to encourage start-ups while asking the markets to cater to the emerging needs of new players.

“Stock markets are essential for the start-up ecosystem,” Modi said adding, Financial markets can play an important role in modern economy, however, they can also do damage if not properly regulated.”

Our markets should show that they are able to successfully raise capital for projects benefiting the vast majority of our population, the prime minister said.

Praising the role played by the Security and Exchange Board of India (SEBI), PM Modi said, “India has earned a good name for its well-regulated securities markets. SEBI as an institution can take pride in this.”

Modi further said that in less than three years, the government had transformed economy, cut fiscal deficit and current account deficit while forex reserves had grown and inflation had been kept lower during the same period.

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