The vice chairman of NITI Aayog, Arvind Panagariya, said Friday that the crackdown on black money by demonetization will bring down the inflation.
According to Panagariya, the move will ensure that transactions will now go much more through the banking system which will ensure transparency. He expressed confidence that the government’s decision will go a long way in flushing out the black money and bring down the inflation.
The government of India, headed by Narendra Modi, had demonetized currency notes of Rs. 500 and Rs. 1000 on Tuesday, saying that the step has been taken to check corruption and the flow of black money.
Modi said Thursday his government is unwavering in its effort to create a corruption free India.
Outlining the role of NITI Aayog, Panagariya said that in keeping with its mandate as the premier think-tank of the government, it has played key role in strengthening the spirit of co-operative federalism.
It has carried out a series of national and regional consultations involving various stakeholders, and put together the best practices in various sectors for the benefit of the states. He said that NITI Aayog is in the process of formulating a 15 year vision, 7 year strategy, and 3 year action plan.
The first NITI Lecture under Transforming India series had the Deputy Prime Minister of Singapore sharing his views.
Now Microsoft founder Bill Gates will share his perspectives on Technology and Transformation at the Second NITI Aayog lecture in New Delhi on 16th November.
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