Four years ago on November 8, 2016, PM Modi had announced an unexpected move to put a ban on Rs 500 and Rs 1000 notes from midnight. The sudden withdrawal of notes led to long queues outside ATMs as people rushed to withdraw money and eventually the annual economic growth of the country slid from 8.25 per cent in 2016 to 5.02 per cent in 2019, according to the World Bank.
However, PM Modi in his speech asked people to bear the pain for 50 days and if the situation did not improve, he said, he was ready for "any punishment".
Now four years after the demonetisation move, Modi and government has defended it. Taking to his official Twitter account on Sunday, PM Modi said, "Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency. These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption."
Beside Modi, Union Finance Minister Nirmala Sitharaman's office also tweeted saying that the demonetisation move was an "unprecedented attack on Black Money" and "also led to better tax compliance and a major push to digital economy."
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Meanwhile opposition leaders including Congress former Chief Rahul Gandhi slammed PM Modi over the move. Do not be mistaken – it was not a mistake, it was done intentionally. Raise your voice on the fourth anniversary of this national tragedy," Rahul Gandhi tweeted.
Speaking on the same line, Rajasthan Chief Minister Ashok Gehlot blamed Modi government for destroying the rural economy. As quoted by news agency ANI, CM Gehlot said, "4 years since demonetization, farmers, labourers & traders have been destroyed. The rural economy has been shattered completely due to demonetization. RBI itself has said that 99.3% of money has been deposited back with them."