PM Modi promises more reforms, says note ban short-term pain

The queue outside banks seems unending. Even after 14 days after the  demonetisation  the queue at the United Bank of India, headquarters still remains.  UBI officials are making all attempts to keep the ATM attached to headquarters fed with currency notes and people flock to this Bank in Kolkata. On Tuesday the new attraction was the Rs 500 notes which many people saw for the first time while withdrawing cash, in Kolkata on November 22, 2016. Express photo by Partha Paul.

Prime Minister Modi on Saturday hinted at unleashing more radical reforms, saying his government will not shy away from taking difficult decisions that are in national interest and admitted the note ban caused “short-term pain”. Inaugurating a new educational and training campus of the Sebi-run National Institute of Securities Markets (NISM) in this industrial township near Mumbai, Modi said “the government will unveil more long-term policies that are stable and sound” so as to sustain the higher economic growth rate.

“Our government will continue to follow sound and prudent economic policies and we will not take decisions for short-term political point scoring.”

Admitting that the demonetisation drive has caused some “short-term pains” to the public, Modi said this “will bring in benefits in the long-term”. Despite the lingering disagreements between the Centre and the states over the dual control of the GST mechanism, Modi expressed hope that the biggest tax reform the nation has seen till date will be a reality shortly.

Claiming he has transformed the economy since assuming office over 30 months ago, the PM said when he took over the economy was in dire straits with high current account and fiscal deficits, near-double digit inflation and low forex reserves.

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