De­mon­eti­sa­tion shows PM Modi’s ‘enor­mous courage’: Ratan Tata

Fiji Sun - - Business -

De­mon­eti­sa­tion is one of “three most im­por­tant eco­nomic re­forms” in In­dia’s his­tory and peo­ple must sup­port the govern­ment for it, said in­dus­tri­al­ist Ratan Tata on Satur­day. “The prime min­is­ter has dis­played enor­mous courage in wag­ing war on the black mar­ket econ­omy in the coun­try through the im­ple­men­ta­tion of a ma­jor de­mon­eti­sa­tion pro­gramme,” said Tata. “The govern­ment’s firm re­solve to fight and elim­i­nate black money needs the sup­port and co­op­er­a­tion of all like­minded ci­ti­zens of In­dia who would like to see more eq­ui­table dis­tri­bu­tion of the na­tion’s re­sources in a new In­dia of to­mor­row, based on merit and equal op­por­tu­nity.” “De­mon­eti­sa­tion is amongst the three most im­por­tant eco­nomic re­forms in In­dia’s his­tory, along with deli­cens­ing and GST,” Tata said in a tweet. He added that the par­al­lel black money econ­omy in In­dia has fu­eled tax eva­sion, money laun­der­ing and cor­rup­tion. Tata in Oc­to­ber re­turned to lead the Tata Group as in­terim chair­man af­ter the com­pany sacked Cyrus P Mistry as it chief. The two men are now fight­ing to con­trol the Tata Group.

Tata, ear­lier this week, had asked the govern­ment to con­sider spe­cial re­lief mea­sures, sim­i­lar to those em­ployed at the time of na­tional calami­ties, for the poor so as to lessen their hard­ships.

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