2017 Too Will Be Year Of Cashless Request By PM Modi
The 2017 too will be the year of so-called “NoteBandi” and the nation’s supreme leader will continue urging citizens to embrace cashless payment more and more amid important election in state Uttar Pradesh for Bharatiya Janata Party (BJP).
The demonetization move of Prime Minister Narendra Modi starting November 8 reminds the role of United States’ 40th President Ronald Reagan, who implemented sweeping new political and economic initiatives. He advocated reduction in tax rate to result with good economic growth. He reduced money supply and inflation was curbed from 12.5 percent to 4.4 percent.
Modi and his BJP party won a strong parliamentary majority in 2014. Optimists predicted the country would soon become the world’s second largest economy and the middle class population would dwarf those of Europe and America.
India was once known as a symbol of international poverty, but the country in today’s scenario has more active foreign policy, larger military and also has become a true Weltmacht.
India gained independence in 1947, but the first serious reforms happened in 1991 under the leadership of Prime Minister P. V. Narasimha Rao. The country started paving ways to economic reform and individuals gained freedom, dignity and prosperity. In less than ten years the average income doubled and one-fifth of the population moved upward in term of income and came out of poverty since then.
In the mid-2000s the Indian economic liberty peaked and last year the country was ranked 112 out of 159 in the report of Economic Freedom of the World in 2014.
Let’s keep the hope the cashless era brings more prosperity to India and all the Indians as well.