Demonetisation short-term pain, will benefit in the long term : PM Modi

PM Modi was addressing a gathering at Raigarh district near Mumbai. Photograph:( AFP )

DNA New Delhi, India Dec 24, 2016, 09.27 AM (IST)

PM Narendra Modi on Saturday inaugurated a new campus of Sebi-run National Institute of Securities Markets (NISM) at Patalganga in neighbouring Raigad district near Mumbai, and said that he will not shy away from taking difficult decisions if they are in the country's interest.

Addressing a gathering, Modi said that demonetisation is a short-term pain, but it will benefit in long-term.

Stating that the government is very keen to encourage start-ups and stock markets are essential for the start-up ecosystem, Modi added,"Our markets should show that they are able to successfully raise capital for projects benefiting the vast majority of our population."

Here are the 12 things PM Modi said during his address:

  • This is time of slowdown in global economy; India is being seen as a bright spot with growth projected to be highest in world.
  • India’s place as the fastest growing large economy has not come about by accident.
  • In less than 3 years, government has transformed economy, cut fiscal deficit, CAD; foreign exchange reserves have grown, inflation is lower.
  • Long awaited GST will soon be a reality; FDI is at record levels.
  • Financial markets can play an important role in the modern economy. However history has shown that financial markets can also do damage if not properly regulated.
  • Government will continue to follow sound and prudent economic policies. We will not take decisions for short-term political point scoring.
  • Will not shy away from taking difficult decisions if they are in country's interest.
  • Demonetisation is a short-term pain, but will benefit in long-term.
  • My aim is to make India a developed country in one generation.
  • India has earned a good name for its well regulated securities markets.
  • Government is very keen to encourage start-ups. Stock markets are essential for the start-up ecosystem.
  • Stock markets should help in raising capital for productive purpose; bond market must become source of long-term infra finance.

(This report was first published in DNA)