Ratan Tata now in ‘support’ of govt’s demonetisation move

Tata said the parallel black money economy in India has fueled tax evasion, money laundering and corruption.

By: ENS Economic Bureau | Mumbai | Published:November 27, 2016 1:59 am
brexit, brexit india, britain referendum india, india brexit, brexit impact, brexit effect, tata on brexit, tata sons brexit, tata company on brexit, india news, business news Industrialist Ratan Tata(Source: Express File photo)

After stating that note ban implementation is causing great hardship to the common man two days ago, industrialist Ratan Tata on Saturday termed the move as one of the three most important economic reforms that will help fight black money and the “Prime Minister has displayed enormous courage in waging war on the black market economy”.

In his third tweet on the demonetisation issue, Tata, who is engaged in a bitter boardroom battle over control of the Tata group with his former Chairman of Tata Sons, Cyrus P Mistry, said the government’s bold implementation of the demonetisation programme needs the nation’s support.

“Demonetisation is amongst the three most important economic reforms in India’s history, along with delicensing and GST,” Tata said in a tweet on Saturday. The Prime Minister’s recent focus on mobile and digital payments will also greatly facilitate the transition from a cash-driven economy to a cashless economy, which in the long term will enormously benefit the poor and underprivileged, he said.

Tata said the parallel black money economy in India has fueled tax evasion, money laundering and corruption. “The Prime Minister has displayed enormous courage in waging war on the black market economy in the country through the implementation of a major demonetisation programme,” Tata said.

On November 24, in his second tweet, Tata had said the note ban implementation “is said to be causing great hardship to the common man, particularly relating to medical emergencies, major surgical interventions and the procurement of medication at many hospitals in smaller towns across the country. “Hardship is also being experienced by the poorer people due to the shortage of cash to meet the daily household needs for food,” he had said.

However, on Saturday he said the government’s firm resolve to fight and eliminate black money needs the support and cooperation of all like minded citizens of India who would like to see more equitable distribution of the nation’s resources in a new India of tomorrow, based on merit and equal opportunity.”

In his second tweet, Tata said, “while the government is doing its best to increase the availability of new currency note, it may be worthwhile to consider special relief measures similar to those employed at times of national calamities to serve the poorer segment of the population for their daily needs and for enabling emergency healthcare/medical treatment in smaller hospitals.”

On November 22, in his first tweet, Tata had cheered the government’s move stating, “demonetisation of old currency notes by the Modi Government is a bold act that will wipe out black money and corruption. It deserves our support.”

In his second tweet on Thursday, Tata said emergency measures will be greatly appreciated by the distressed segment of the population as it would exhibit that the government cares and has not forgotten the needs of the common man at this moment of transition during the implementation of such an important demonetisation programme.