Leading industry chamber Assocham’s President Sunil Kanoria has said that demonetisation move’s benefits will reflect on the industry and citizens in the long-run.
Speaking to India TV, Kanoria termed the demonetisation a bold step by the government to deflate the shadow economy.
“The benefits will reflect on the industry and citizens in the long-run. The financial system is gradually coming back to terms. The entire effort of demonetisation should be complemented with other reform measures - like lowering of tax rates, increasing infrastructure and social sector expenditure, etc. - to achieve desired results,” he said.
Prime Minister Narendra Modi’s demonetisation announcement on November 8 took the entire country by surprise. In one stroke, the government had all Rs 500 and Rs 1,000 notes illegal.
In his address, the Prime Minister had said that the note ban will help in ending corruption, black money and terror funding.