Modi defends demonetization in a speech to Myanmar's Indian diaspora
PM Narendra Modi, on his first bilateral visit to Myanmar, defended his government's demonetization decision, while addressing the Indian diaspora. At Yangon's Thuwunna Stadium, he spoke of his "new India" vision where India is free from poverty, terrorism, casteism, communalism and corruption. Also praising the GST, Modi said an "atmosphere of doing business with honesty" was created. What else did he say? Read on.
What did Modi say to defend demonetization?
PM Modi asserted that the NDA government was not afraid to take "big" and "tough" decisions such as demonetization, rolling out GST and ordering the surgical strike against Pakistan. He declared that the demonetization decision helped identify people who didn't pay income tax. Further, he stated that the registration of over two lakh companies which were involved in black money laundering had been cancelled.
Why did Modi have to defend the demonetization decision?
The PM, for the first time, defended the demonetization decision in the wake of data released by the RBI that 99% of the notes of Rs. 500 and Rs. 1000 had returned to their coffers. The opposition raised uproar over this revelation with Congress calling it a "Modi Made Disaster," while asking the PM to apologize. CM Mamata Banerjee called it a "big scam."
Modi's Myanmar visit: What else was achieved?
Meanwhile, Modi's Myanmar visit saw a flurry of activities. Eleven Memorandum of Understandings (MoUs) were signed between the Indian and Myanmar government on a wide range of subjects such as maritime security, election commissions' cooperation, press relations, developing IT centres among other aspects. Further, a plan for the Imphal-Mandalay bus service was decided upon. India also promised assistance in developing the crisis-hit Rakhine state.Share this timeline