It takes certain vision and mandate to carry out demonetisation: Nirmala Sitharaman

Our Bureau Mangaluru | Updated on January 12, 2018 Published on January 12, 2017

Nirmala Sitharaman

Several countries are aware that they have to go for demonetisation, according to Union Minister of State for Commerce Nirmala Sitharaman.

But, not everywhere does the leadership have the vision or the mandate to do it, and nor does the leadership know if it can do it at all, she remarked.

Speaking on the note ban at a meeting convened by the BJP here on Thursday, she said that unless the leadership is visionary and has the stamina to go through a decision of this nature, it cannot be accomplished.

Venezuela tried it, but had to withdraw the decision in a week, she pointed out.

Though demonetisation was not an easy decision in India, the government took a bold visionary step, Sitharaman said.

Benefits in sight

India expects a cleaner economy, greater GDP growth and better options to generate more income after the move, she added.

When a participant spoke about infrastructure hurdles such as the lack of power and internet facilities in many villages, the Minister she said the recently launched Bhim application does not need internet or power. Even simple phones with USSD and an Aadhaar number can be used in areas where there is no internet and power.

To another query on hacking fears, Sitharaman said the Centre is putting in a lot of efforts to take care of cyber security.

It is working with the cyber experts to ensure that the interests of customers and their data are protected, she said.

Published on January 12, 2017
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