Demonetisation among 3 most important economic reforms,says Ratan Tata
After calling for special relief measures for poor hit by demonetisation, industrialist Ratan Tata on Saturday termed the move as one of the three most important economic reforms that will help fight black money.
Tata, who is locked in a bitter boardroom battle over control of the Tata Group with his successor Cyrus Mistry, said the government's bold implementation of the demonetisation programme needs the nation's support.
"Demonetisation is amongst the three most important economic reforms in India's history, along with delicensing and Goods and Services Tax (GST)," Tata said in a tweet.
He further tweeted as saying that the government's bold implementation of the demonetisation programme needs the nation's support.
The government’s bold implementation of the demonetization programme needs the nation’s support. pic.twitter.com/tx1ZILSor8
— Ratan N. Tata (@RNTata2000) November 26, 2016
The Prime Minister's recent focus on mobile and digital payments will also greatly facilitate the transition from a cash-driven economy to a cashless economy, which in the long term will enormously benefit the poor and underprivileged, he added.
ALSO READ: Demonetisation impacts property deals, but raises hope of cheaper loans
"The government's firm resolve to fight and eliminate black money needs the support and cooperation of all like minded citizens of India who would like to see more equitable distribution of the nation's resources in a new India of tomorrow, based on merit and equal opportunity," Tata said.
He added that the parallel black money economy in India has fueled tax evasion, money laundering and corruption.
"The Prime Minister has displayed enormous courage in waging war on the black market economy in the country through the implementation of a major demonetisation programme," Tata said.
Earlier this week, the noted industrialist had asked the the government to consider special relief measures, similar to those employed at the time of national calamities, for the poor so as to lessen their hardships of currency crunch following demonetisation of high value notes.
ALSO READ: 'Large cos don't react fast to problems like demonetisation'
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
04:41 PM IST