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”.
WATCH WHAT ELSE IS IN THE NEWS
“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.