The Congress and regional parties had attacked the ruling Bharatiya Janata Party (BJP), saying that demonetization has hit the rural sector and caused grave inconvenience across the country.
Union Commerce Minister Nirmala Sitharaman on Friday wondered from where critics are getting the data that the economy will shrink and job losses will take place following demonetization.
"I am surprised that these assumptions are being made without any substantive data. The Chief Statistician of India has already stated that the data on the impact of the policy will be ready only by next year," she said.
She was speaking to WION-DNA.
The Congress and regional parties had attacked the ruling Bharatiya Janata Party (BJP), saying that demonetization has hit the rural sector and caused grave inconvenience across the country.
The Centre has also come under criticism that the Finance Ministry tweaks policies on a daily basis. "We are responding to the feedback from the ground. It doesn't mean tweaking policy. We are mitigating pain based on the reports we receive," said the Commerce Minister.
Asked about the negative experience of demonetization in Russia and Myanmar, she said: "Our economic situation is different. When advanced countries can do with minimum cash transfer and maximum credit push, India can also do it," she said.
On the Goods and Services Tax (GST) and its rollout, she said that she doesn't agree with the view that demonetization will derail it. The issue was raised by West Bengal's Finance Minister Amit Mitra, who also heads the GST Council of States. The Opposition had attacked the government "for launching a policy with massive consequences without preparation" in the Parliament.
"It is a huge step by the Centre. It was our commitment to the people. We have kept it. If the Opposition is so serious about the merits and demerits of it, they should debate it in the Parliament. Instead, they are stalling the Parliament," Sitharaman countered.
To a question why demonetization is being promoted as a panacea for black money, she said: "I disagree. PM Narendra Modi had launched multiple schemes before this to curb black money. Demonetization is part of a larger effort. This scheme has to be understood in that context."
She said that she understood the concerns of the public, but assured that very soon the system would reach an equilibrium. Curbing out black money is a commitment the BJP had made during elections and it is committed to that promise, she said. "We are taking all steps to root out black money and ensure that the economy shifts from a cash-based system to a credit-based system, which is where the future lies," she said.
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