With the aim to project demonetization as a move to project the BJP as “pro-poor”, the party’s economic resolution passed in its national executive on Saturday said the Centre will redistribute higher revenues earned by way of India’s transformation to a digital economy as well as black money that has come to the banks to the poor and the marginalized sections of the society.
Describing demonetization as a “brave move aimed at the welfare of the poor”, the Finance Minister Arun Jaitley moved the resolution in the national executive. Briefing the media about the resolution and the Finance Minister’s address to the national executive, Commerce Minister Nirmala Sitharaman said the decision to take a bold move such as demonetization could only have been taken by a Government with a strong political will to fight corruption and work for the welfare of the poor.
The BJP’s resolution stated that the Government has ended the role of middlemen from its beneficiary schemes like MNREGA, financial assistance to poor students, subsidised to marginal sections including SC/ST/OBCs through digital transactions and Direct Benefit Transfers. The ruling party also stressed that the reform in the labour laws will benefit the working class.
“The BJP firmly believes that digital economy will stop the leakage of taxes. It also believes that acts like the Industrial Disputes Act, Minimum Wages Act, Payment of Bonus Act, Factory Act, Contract Labour Act will ensure justice for the poor sections or our society,” the BJP resolution stated.
The Finance Minister stated that the black money that has come to the bank will lead to integration of the parallel economy with the formal economy and help generate higher revenues which the BJP is committed to redistribute to the poor.
“Black money has been deposited in the Banks. It has lost its anonymity. The informal economy will now increasingly integrate with the formal economy. This will lead to higher revenues with the States and the Centre. It will lead to the bigger and the Cleaner GDP,” the Finance Minister said.
The BJP projected “honest middle class, taxpayers, small traders, professionals” who were footsoldiers in the process of demonetization that has “decimated” black money. The banks, the BJP resolution said, now have more money to lend and interest rates have moved downwards.
The Commerce Minister, in her briefing, said the black money which has now come to the banks, translates into more resources to the Government to channelize into development.
“The Rs 500 and Rs 1000 notes hidden in mattresses, something people would say symbolically, is now in bank accounts. It will help development,” Nirmala Sitharaman said.