Union Minister for Urban Development M Venkaiah Naidu on Wednesday dismissed the criticism of the Centre’s demonetisation move by experts and said it was a “bitter pill” which had some “side-effects”, but will have very good “after-effects”. Referring to Pakistan-sponsored terrorism and the menace of black money, Naidu said, “We had challenges, friends; therefore, we have gone for this radical step of demonetisation or remonetisation, whatever you call it. This is a historic step, there is no parallel in the world”.
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“Some people are saying that experts are saying (negatively about this)…experts will say only by experience, na?Where is the experience… on such a massive scale?… (Rs) 133 crore, an economy of India’s size, 86 per cent of notes demonitised,” Naidu said.
“…he (Modi) has taken (up) a big challenge, we know it is a big challenge. But I am sure he will be successful… because he is determined, he is sincere…there are some temporary difficulties… there will be some slowdown… but then it will go on a highway, you don’t worry,” he added.
Naidu was speaking at an international seminar on ‘Smart and Livable Cities: Opportunities and Challenges’ organised at Mahatma Mandir here as part of the Vibrant Gujarat Global Summit.
“Whenever some transformation takes place, whenever a radical step is taken, there will be some effects, side-effects and after-effects. But, the after-effects will be very good,” Naidu said.
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