New Delhi: Prime Minister Narendra Modi today said that the hardship caused by demonetisation was only temporary, and that it would bring long-term benefits.
“Demonetisation is a short-term pain for a long term gain,” the PM said at the inauguration of a new campus of the National Institute of Securities Markets in Raigad, Maharashtra.
He said his government would continue to follow sound and prudent economic policies, and that it wouldn’t take decisions for short-term political point scoring.
The PM, who said his dream is “to make India a developed country in one generation,” explained that his government had transformed the country’s economy in less than three years.
He said India’s growth is projected to remain among the highest in the world, while in 2012-13, the fiscal deficit had reached alarming levels, the currency was falling sharply, inflation was high, and the current account deficit was rising.
But now, India’s being seen as a ‘bright spot,’ he said.
The PM said India has earned a good name for its well regulated securities markets, and lauded the Securities and Exchange Board of India (SEBI) for facilitaing a number of Initial Public Offerings (IPOs) this year.
He asked the security market regulator to link capital and agricultural markets though eNAM, an electronic trading platform he launched earlier this year.
The true measure of success is the impact in villages, not the impact in Dalal Street or Lutyens’ Delhi, he said.
The PM also pitched for higher tax contribution by financial market participants, and asked the SEBI and the Ministry of Finance to enable municipalities to tap capital markets.
He also said his government is very keen to encourage start-ups, and that stock markets are essential for the start-up ecosystem.
During his one-day-visit to the Maharashtra, PM Modi will lay the foundation stone for the grand memorial of Maratha warrior king Chhatrapati Shivaji Maharaj on an island in the Arabian Sea off Mumbai.
The memorial will be as high as 210 metres, out of which 60 percent will be the height of the statue alone. The total cost of the project is Rs. 3,600 crore, The first phase will cost Rs. 2,500 crore.