Demonetisation is among 3 most important economic reforms: Ratan Tata

Ratan Tata also added that the parallel black money economy in India has fueled tax evasion, money laundering and corruption.

By: PTI | New Delhi | Published:November 26, 2016 3:38 pm
demonetisation, ratan tata, tata on demonetisation, demonetisation ratan tata, ratan tata note ban, ratan tata on black economy, india news Ratan Tata said PM Modi has displayed enormous courage in waging war on the black market economy in the country.

After calling for special relief measures for poor hit by demonetisation, industrialist Ratan Tata today termed the move as one of the three most important economic reforms that will help fight black money. Tata, who is locked in a bitter boardroom battle over control of the Tata Group with his successor 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. 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 ling term will enormously benefit the poor and underprivileged, he added.

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“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,” Tata said.

He added that 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.

Earlier this week, the noted industrialist had asked the the government to consider special relief measures, similar to those employed at the time of national calamities, for the poor so as to lessen their hardships of currency crunch following demonetisation of high value notes.

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  1. S
    Satyamev Kahte
    Nov 26, 2016 at 3:14 pm
    JRD Tata used to be so dignified. This guy is no different than a prosute. He's no different than other Ambani, Adani or Jindal. He should also say whether what has been done is legal? There is no way a govt. cannot pay a promissory note as long as it is physically in the hands of a bearer. It's the promise of the govt. of India. No power can take away that promise, unless the Consution and the Republic are dissolved. If this action is legalized, then it is as good as the latter.
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    1. V
      Vedic_Citizen
      Nov 26, 2016 at 1:27 pm
      Truth wins, not Taqyuiyya lies. Saryameva Jayate, Nanrutham.
      Reply
      1. S
        Shekar
        Nov 26, 2016 at 2:59 pm
        What other choice does he have. He is bound to praise every BJP government move, so long as his battle with Mistry lasts. Else he was a Congress supporter and was in favour of FDI, which BJP had opposed
        Reply
        1. A
          ashok s
          Nov 26, 2016 at 11:36 am
          Is Patel community standing on his or her foot or want reservation bloody WO spine
          Reply
          1. A
            ashok s
            Nov 26, 2016 at 11:34 am
            When during British rule demonetization took place from rupa or rupal or silver Indian coins , tatata and birrlas quite often or frequently changed their et base from silver to British Indian rs . they were responsible for licence raj thereafter. They wanted all the businesses under their arm pit. Tatars belonged to priest family . similar to baba ramdev who was not known and suddenly came and established pitanjaly . we ate not fools but most resilient netizens of this country
            Reply
            1. D
              deo
              Nov 26, 2016 at 2:14 pm
              Ratan Tata has to say this as he needs support from Govt. during Board room war with Mistry. LIC and some other Govt companies are holding stake and has directors on Tata company board.
              Reply
              1. H
                harun
                Nov 26, 2016 at 1:41 pm
                Tata is in No Position to give sermons on the Merits of demonitisation.lt;br/gt;lt;br/gt;Tata is no surprise with Govt owned Financial Insuitions having a stake in Tatas ,its no surprise.lt;br/gt;lt;br/gt;This was a Big step towards reform,Yes.lt;br/gt;lt;br/gt;But Modi must live by example,why has he not done a thing about The 500 named in Panama Papers or HSBC Account holders or willfull defaulters or 125000 cr write off by PSU or Malaya being escorted out.lt;br/gt;lt;br/gt;Modi is guilty of Losing a big oppurtunity to cleanse the system.lt;br/gt;lt;br/gt;Modi must take the step to logical end
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                1. O
                  ompuri
                  Nov 26, 2016 at 11:14 am
                  MR.Tata and his friend Fekoo do not have to stand in ques for days to exchange few hundred rupees.This country has thrown to the dogs by Fekoo and his Gujrati mafia.
                  Reply
                  1. V
                    Vihari Naidu
                    Nov 26, 2016 at 3:08 pm
                    He compared demonetisation to a Natural Disaster.
                    Reply
                    1. P
                      Prakash Ayer
                      Nov 26, 2016 at 1:14 pm
                      I fully agree with Mr. Ratan Tata's view on black money and support given for this bold move . We have to move towards cashless society to lessen this evil. Indians have to change our psyche which may take some time.
                      Reply
                      1. R
                        Rehan
                        Nov 26, 2016 at 12:54 pm
                        I have a lot of respect for Mr. Tata. He is courageous and speaks the truth!
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                          P M
                          Nov 26, 2016 at 12:13 pm
                          Rattan Tata after his battle with Cyrus Mistry needs support of Government .. can he open his mouth .. sold case .. incompetent
                          Reply
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