Ready to pay price for steps taken: PM

Tearing into the UPA regime, Prime Minister Narendra Modi on Thursday said he was ready to pay a "big political price" for bringing about systemic changes in the country and asserted no one would be able to stop his government from taking "irreversible" decisions.

The prime minister said India was counted among the "fragile five" nations globally and the country's economy, banking system and governance structure were in a poor shape when the NDA came to power in 2014.

But his government managed to stage a turnaround, drawing world-wide recognition for having done so. At the 15th Hindustan Times Leadership Summit, Modi listed the achievements of his government in a range of sectors and highlighted steps taken to contain black money and corruption, and for improving the banking system, governance and the overall lives of the common people.

"I am aware of the big political price I will have to pay for the steps I have taken, the path I have chosen and the destination I want to take the country to. But I am ready for it," Modi said, while talking about the "legacy" left behind for the NDA by the UPA government.

His remarks come in the midst of a fierce electoral battle between the Congress and the ruling BJP in the politically crucial state of Gujarat. Referring to demonetisation, he said it had brought about a "behavioural change" in the country. Corrupt people, for the first time after Independence, were scared of making illicit money.

"The day the country has a technical and digital address for all monetary transactions, organised corruption would be checked to a great extent," he said.

Black money coming into the banking system had also brought along with it massive data, a "treasure trove" that would enable the government take action against wrong-doers, he said, adding that ill-gotten wealth earlier funding a parallel economy was now a part of the formal economy.

"This government cannot be stopped by anyone from taking steps which will bring permanent changes in the system and ensure the interest of the nation. I think those who feel this country cannot be changed using a magic wand are grappling with frustration and disappointment," Modi said.

On GST, he said it had ushered in a new chapter of transparency in the country.