Exclusive Interview: Narendra Modi Gets Candid On The Burning Issue Of Demonetisation

Prime Minister Narendra Modi took time off his hectic schedule to have a candid interaction with Group Editorial Director RAJ CHENGAPPA on the burning issue of demonetisation. This was preceded by an extensive e-mail interview, where the PM held forth on the rationale and timing of the move, his assessment of the outcome so far, the next moves and the goals he has set midway through his term. Full text of the exclusive interview:

- Raj Chengappa

Let me begin by asking you about the ‘financial Pokhran’ you set off on 8 November by announcing the demonetisation of high-value notes. There has been both praise and criticism of this historic decision. Are you satisfied with the way it has been implemented?

You have termed this decision ‘historic’. You have called it the ‘financial Pokhran’. You have probably used the term in the context of the water-tight secrecy that was maintained through the process. I am glad you have recognised both these important aspects of our decision and its implementation.

This decision is so huge that even our best economists remain confused in their calculations. India’s 1.25 billion citizens, however, have welcomed it wholeheartedly and supported it even in the face of great personal difficulties, intuitively understanding its impact and importance. This has not abated even after so many days, in spite of the dire predictions made by our critics. This acceptance, in my view, is even more historic than the decision itself. We have made the world stand up and notice our historically inherent qualities of sacrifice, discipline, understanding and commitment to the nation.

When such a globally unprecedented step is taken, nobody has any reference point for comparison. This is understandable. I was well aware of the magnitude and complexity of the challenge we faced in implementation. And I believe we have lived up to the same. It is no small thing that no significant incident of unrest has taken place in the country. At the same time, as with every other process, there is always room for improvement, and I believe that we can, and must, always improve.

Are you satisfied with the outcome?