Demonetisation: PM Modi ready to face consequences, says FM Jaitley

Prime Minister Narendra Modi is ready to face consequences of demonetisation, Finance Minister Arun Jaitley said on Wednesday.

New Delhi: Economic changes don’t happen overnight, but the road map and agenda for them can always be laid, Finance Minister Arun Jaitley said on Wednesday.

Speaking at Petrotech 2016, Jaitley said that Indian economy in long term is headed for a very major change.

“Earlier mindset of policymakers was that just by dishing out a few favours to the affluent you can bring changes in the country’s economy. So called seven-decade normal had to be disrupted. PM had the broad shoulders to face consequences of the decision,” he added.

He further said that the decision of this kind has pain in transition, which is regrettable but had been factored in.

"More money in banking system, more capacity of banks will support economy, more transactions under taxation post demonetisation," said Jaitley.