Published On: Fri, Apr 26th, 2019

Demonetization didn’t led unemployment rise: Modi

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Prime Minister Narendra Modi said stats reveal there were no losses of jobs due to demonetization and dismissed such speculation of economists.

In an interview to news media television channel the PM added, “People are looking for excuses to discredit the huge decision of demonetization.”

He stressed that those who claim demonetization led to rise in unemployment have no supporting stats and they are looking for excuses to discredit his decision.

Asked whether demonetization was success or failure Modi said it was not done for the purpose of elections and the opponents which fought on such issue in Uttar Pradesh lost it.

The so-called Notebandi has stemmed flow of black money and mindset of citizens too has been changed thereafter, said Modi.

He continued, “There were photographs of money being taken out from inside cots, jute bags kept in the garages of corrupt politicians and bureaucrats…Benami properties worth Rs 50,000 crore were seized. More than 3 lakh shell companies have been shut down.”

The PM further said that black money days have come to an end and businesses need to be done honestly. Tax collections have increased after demonetization.

Demonetization, Modi

The government banned the banknotes of Rs 500 and Rs 1,000 on November 8, 2016. New notes of Rs 500 and Rs 2,000 were issued.

Meanwhile, Modi filed today nomination from Varanasi constituency. The city will go into polls on May 19.

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About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade. He can be contacted at

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