Demonetisation a revolutionary step: Jayant Sinha

RANCHI At a press meet on demonetisation, Union minister of state for finance and civil aviation Jayant Sinha said the problem of black money had reached its zenith after the Modi government came to power in 2014. "Demonetization is a historic and revolutionary step because no country before us had implemented it on this scale." the Hazaribag MP said.
The minister also said that the growth of black money during the 10-years of UPA government forced the Modi government to take such a step."The tax to gross domestic product (GDP) during the 6.5-year tenure of Atal Bihari Vajpayee was higher when compared to that of the successive UPA government," he said.
Sinha said that "demonetization was aimed at creating a new economy and building a new nation."
Replying to former PM Manmohan Singh's claim in the Rajya Sabha that the national GDP will fall by 2 per cent, Sinha said, "The former PM might have indicated that there will be a 2% decline in the ongoing financial quarter. Our growth rate is better than China's and though there could be a brief fall, we hope it will rise from January 2017 onwards".