Modi speech: PM thanks Indians for standing by demonetisation, rewards them with sops

Amid the celebrations to mark the beginning of a new year, what caught the fancy of the people in different parts of the country and kept them glued to their television sets and radios was Prime Minister Narendra Modi‘s address to the nation.

The prime minister’s speech comes 52 days after his announcement of demonetisation, made in a similar address to the nation on 8 November.

On Saturday evening, Modi thanked 1.25 billion Indians for the resilience they showed in bearing the problems that came with his demonetisation drive, and doing so with much dignity and patience.

Lauding Indians with a couplet “Kuch baat hai ki hasti mitti nahi hamari“, Prime Minister Modi said, “People of India have lived and proved this adage. What India has done will find no parallel in the world.”

Repeatedly thanking and applauding Indians for supporting the demonetisation decision, calling it a “shuddhi yagna”, Modi said that the evils of corruption and black money compelled even honest people to bend in despair, and made him feel “suffocated”. Modi said that these people wanted relief from such suffocation.

Dwelling more upon the resilience of the people, Modi said that on numerous instances — be during the Indo-China war or the Kargil war with Pakistan — people of India have displayed immense sacrifice and resilience. He added that they were all fights with outsiders, but after demonetisation, people were fighting to kill their inner evil, which was comparatively more difficult.

Talking about how people reacted positively to demonetisation, Modi said that a time will come when the country’s intelligentsia will discuss the fight shown by people in defeating their inner demons and deformities. He said the resilience shown by the people in the last 50 days was an epitome of sacrifice to defeat what was wrong.

“The events of 8 November told us how 1.25 crore Indians took the trouble and made the efforts to prove that honesty and virtuosity are most important,” Prime Minister added.

Accepting the pain that people have to face because of demonetisation, Modi said, “I know that to withdraw your own money, you had to bear pain. People shared their pain with me. But I realised that you considered me your own. You showed that you don’t want to be left behind in this fight against corruption.”

He added that the government’s top priority will now be to normalise the functioning of the banking system. Modi said that there will be renewed focus on every aspect of the sector, and especially on making things normal in rural areas.

Stressing on the fact that tax evasion has now become all-pervasive in the country, Modi said that as per official records, only 24 lakh people claim to be earning more than Rs 10 lakh, which is unbelievable given the opulence that is on display in most of the cities.

Sending a clear message to the “corrupt and dishonest” citizens of the country, Modi said that is very obvious now as to what will happen to them. “The law will take its own course. But government’s priority will be to ensure how the honest can be helped and be supported,” he said.

While lauding the efforts of the banking sector, who “worked really hard” in the last 52 days, he also made it amply clear that the people, including government officials, who have indulged in fraudulent practices, will not be spared.

Apart from stressing on demonetisation warning wrong doers, and applauding the honest, Modi also announced a slew of reforms and schemes to benefit the rural poor. Some of them were: An eight percent interest rate will be guaranteed on deposits of upto Rs 7.5 lakh for 10 years for senior citizens; interest will be paid monthly. Modi also announced a 4 percent interest rate cut against home loans of up to Rs 9 lakhs, and 3 percent against home loans upto Rs 12 lakhs for the year 2017.

While there will be detailed analysis of the reforms, the prime minister has sent out a clear message in his New Year’s Eve address: While the honest can expect ache din, it will surely be bure din (tough times) for the corrupt.

First Published On : Dec 31, 2016 21:30 IST