Demonetisation is short term pain for long term gain: PM Modi

Raigad (Maharashtra) [India] , Dec. 24: Prime Minister Narendra Modi on Saturday articulated that demonetisation is only short term pain for long term gain, adding that the present regime would not shy away from taking difficult decisions that are in the interest of the country.

"Demonetisation is only short term pain for a long term gain. We will continue with sound economic policies to ensure India's bright future in the long run," he said.

Speaking at the inaugural function the National Institute of Securities Markets (NISM) in Raigad, Prime Minister Modi said that India is being seen as bright spot and to see how far India has travelled one should look back to 2012-13 when the currency was falling sharply.

"India has earned a good name for its well regulated securities markets," Prime Minister Modi said. The Prime Minister Modi also expressed the view that public investment has increased in the last three years and progress has been made in ease of doing business.

"Constitutional amendments on GST that remained pending for years has been passed and the long awaited GST will soon be a reality," he said.

"For financial markets to function successfully, participants need to be well informed," he added. Prime Minister Modi further said that those who profit from financial markets must make a fair contribution to nation-building through taxes.

Highlighting the progress made by the Indian economy the Prime Minister said, "SEBI should work for closer linkage between spot markets like e-NAM and derivatives markets to benefit farmers.

The country has made progress and improved the ease of doing business as foreign direct investment(FDI) has now reached record levels." The Prime Minister asked stock markets to raise capital in innovative ways for projects in agriculture.

"Government is very keen to encourage start-ups as stock markets are essential for the start-up ecosystem," he added.

Earlier, Prime Minister Modi arrived in Raigad to inaugurate the new campus of the National Institute of Securities Markets in Panvel.

During his one-day-visit to the state, the Prime Minister will also lay the foundation stone for the grand memorial of Maratha warrior king Chhatrapati Shivaji Maharaj on an island in the Arabian Sea off Mumbai and a metro project in Pune.

Source: ANI