Shutting down all the critics of Demonetisation, the latest GDP data showed that despite the notes ban, India’s economy pegged GDP growth at a higher-than-expected 7.1 percent for 2016-17 which was higher than China’s 6.8 percent for October-December period of 2016, making India retain the tag of the world’s fastest growing economy.
Economists from the Universities like Harvard and Oxford termed PM Modi’s decision of Demonetisation as ‘despotic action’. Professor of Economics and Philosophy at Harvard University and Nobel Laureate Amartya Sen termed demonetisation as a “despotic action that has struck at the root of an economy based on trust”. Former PM Manmohan Singh predicted that the GDP will go down to two percent.
Now the GDP data released by the Central Statistics Office on Tuesday has answered the critics of demonetisation…..
Addressing a public rally in Uttar Pradesh’s Maharajganj, taking a jibe on foreign-educated economists who predicted that Demonetisation will lower down India’s economy growth, PM Modi said, “Hard work is more powerful than Harvard”.
“Ek taraf vo hain jo Harvard (University) ki baat karte hain or ek taraf ye gareeb ka beta hard work se desh ki economy badalne me laga hai (On the one hand are those (critics of note ban) who talk of what people at Harvard say and on the other hand is a poor man’s son who through his hard work is trying to improve the economy),” PM Modi said.