Demonetisation most important economic reform, needs support: Ratan Tata


New Delhi, Nov 26 (IANS): Industrial conglomerate Tata Sons Interim Chairman Ratan Tata on Saturday said the government's demonetisation programme is among the "three most important economic reforms in India's history" and needs the nation's support for implementation.

"Demonetisation is amongst the three most important economic reforms in India's history, along with Delicensing and GST (Goods and Services Tax)," Tata tweeted.

"The Prime Minister's recent focus on mobile and digital payments will also greatly facilitate the transition from a cash-driven economy to cashless economy, which, in the long term, will enormously benefit the poor and the underprivileged," he added.

In its bid to curb black money economy, the Indian government on Nov 8 demonetised Rs 500 and Rs 1,000 notes.

"The parallel black money economy in India has fueled tax evasion, money laundering and corruption. The Prime Minister has displayed enormous courage in waging war on the black market economy in the country through the implementation of a major demonetisation programme," Tata said.

"The government's firm resolve to fight and eliminate black money needs the support and cooperation of all like-minded citizens of India who would like to see a more equitable distribution of the nation's resources in a new India of tomorrow, based on merit and equal opportunity," he added.

In one of his earlier tweets on Nov 24, Tata suggested the government to use special relief measures to ease the daily hardship faced by the poorer sections of society due to the demonetisation drive.

According to Tata, the present note ban implementation is said to be causing great hardship to the common man, particularly relating to medical emergencies, major surgical interventions and the procurement of medication at many hospitals in smaller towns across the country.

"Hardship is being experienced by the poorer people due to the shortage of cash to meet the daily household needs for food," Tata tweeted.

"While the government is doing its best to increase the availability of new currency notes, it may be worthwhile to consider special relief measures similar to those employed at the times of national calamities to serve the poorer segment of the population for their daily needs and for enabling emergency healthcare/medical treatment in smaller hospitals," he said.

  

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Comment on this article

  • juliet mascarenhas, bejai

    Sun, Nov 27 2016

    Demonetisation favoured TATA's' ADANI,AMBANI and MallYA's.No other choice than praising the move.The persons who brought about the move and begging for support would have been the worst opposers if the same steps were taken by the previous Govt

    DisAgree [4] Agree [3] Reply Report Abuse

  • shaan, manglore/dubai

    Sun, Nov 27 2016

    Look Like huge deal with TATA ''loan waving..

    DisAgree [3] Agree [6] Reply Report Abuse

  • MK, mlore

    Sun, Nov 27 2016

    The problem is poor preparation ,complete mismanagement ,continued blind support by upper middle class bhakths above all dry proud to correct the mistakes .

    DisAgree [2] Agree [3] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Sun, Nov 27 2016

    Who knows...?
    May be Ratan Tata would have been tutored also.

    just wait & see the motor vehicles sales for the month of No'16 would have been fallen by more than 50%.

    Property prices, Land deals, even daily household spending at micro level were all down by more than 50-75%.

    May be right thinking economists, industrialists, prominent persons would have been intimidated not to talk the oppressive & seemingly tuglak order.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Anirudh P, Bengaluru

    Sun, Nov 27 2016

    Joke of the century is Dongies have started to speak about the poor.

    The fact is even poor people know that you people are shedding crocodile tears and this has forced you to call off tomorrow's Bharat bandh.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Sudhakar Poojary, Kadeshivalaya/Dubai

    Sun, Nov 27 2016

    Only brainy people can understand the benefits and advantages of demonetisation...!
    Why debate on this...!

    DisAgree [4] Agree [3] Reply Report Abuse

  • Vincent Rodrigues., Frazer Town,Bangalore

    Sun, Nov 27 2016

    People will support provided the implementation is in order.No one is aganist this reform

    DisAgree [2] Agree [23] Reply Report Abuse

  • geoffrey , hat hill

    Sun, Nov 27 2016

    What choice you have other than supporting? If you want to survive, have to toe the line, period.

    DisAgree [9] Agree [14] Reply Report Abuse

  • Mohan, Mangalore

    Sun, Nov 27 2016

    There is no such thing as a free lunch...

    DisAgree Agree [3] Reply Report Abuse

  • Rn, Mangalore

    Sun, Nov 27 2016

    now all sikulars say bye bye to TATA

    DisAgree [12] Agree [14] Reply Report Abuse

  • TRUE INDIAN , IXE

    Sun, Nov 27 2016

    MEANING OF TATA IT SELF IS BYE BYE.

    DisAgree [9] Agree [15] Reply Report Abuse

  • Ben Mathias, Los Angeles

    Sun, Nov 27 2016

    Spirit of Demonetisation is a grate reform for the Lawless corrupt Nation and should be hailed, But management of the Demonetisation is completely wrong and should have been done by educated economists with out hurting marginalized poor using novel method of one Person, one Bank account and one PAN account number by electronic distribution of limited, equal funds to each account and avoiding requirement of exchanging currency notes.

    DisAgree [1] Agree [9] Reply Report Abuse

  • vnayak, mangalore/switzerland

    Sat, Nov 26 2016

    Yes,it is a good move but with total lack of preparation. apparently it will take 6 to 8 months to print all new notes required.Somebody did not do the home work.

    DisAgree [2] Agree [10] Reply Report Abuse

  • Mohan, Mangalore

    Sat, Nov 26 2016

    Now overnight he will be called "Feku"

    DisAgree [6] Agree [6] Reply Report Abuse

  • True secular, Mangalore

    Sat, Nov 26 2016

    Tatas were the pioneer's of CSR practice and professional in corporate governance.However of late they are deviating from this noble path.Internal power struggle and mismanagement is making tata group to accumulate huge loss except a few cash cows like TCS .of course tatas need support from govt for bailing out of all so called loss making companies.Earlier ocassion Mr modi helped tata to undertake his most pet but economically unviable Nano project

    DisAgree [5] Agree [24] Reply Report Abuse

  • Syed Mohiudin, Iruvail/Riyadh

    Sat, Nov 26 2016

    Mr. Tata, First understand the difficulties of poors. You are a born rich man n how you could understand the poors.

    DisAgree [26] Agree [45] Reply Report Abuse

  • NN, Mangalore

    Sat, Nov 26 2016

    Demonetization of currency is one of best social reforms after the Land Reforms Act. We all should support what is best for the country, no matter which party has done it and that is the patriotism. Of course, people are temporarily going through some inconvenience which is nothing compare to what Syrian crisis. This is the time people should help each other in their need.

    DisAgree [27] Agree [25] Reply Report Abuse

  • Anees, Karkala

    Sat, Nov 26 2016

    Finally TATA NANO....got huge profit because of Mr.CHAHIWALAA, allotted lease land with cheap rate in Gujarat.TATA NANO OMIT HIS WORD AGAINST BENGAL LADY.

    DisAgree [22] Agree [36] Reply Report Abuse

  • Dr Mohan Prabhu, LL.D.,QC, mangalore/ottawa

    Sat, Nov 26 2016

    Bleeding Congress hearts! Let them for once stand in line to exchange ill-gotten wealth so that the IT officials can go after them. I have no sympathy for anyone whether BJP,Congress or Marxist who hoard wealth and let the common folk high and dry in their plight. As Ratan Tata said, demonetization is the greatest economic reform in modern Indian history, and those who fled India with hoards of 500 and 1000 rupee currency notes will find it difficult to exchange them in foreign countries or bring them back to enjoy in India.

    DisAgree [27] Agree [20] Reply Report Abuse

  • geoffrey , hat hill

    Sun, Nov 27 2016

    Those who fled had all the time in the world to do whatever they wanted, it's only the folks who stand in serpentine queues, some even forgoing means to earn their daily bread feel the real pinch.

    DisAgree [5] Agree [12] Reply Report Abuse

  • N.M, Mangalore

    Sun, Nov 27 2016

    Says a man who is sitting in Canada and has no clue of the harsh ground reality here.

    Tata never had to stand in any queue on the contrary they have been a beneficiary of feku's crony-capitalism.

    DisAgree [1] Agree [3] Reply Report Abuse

  • kas, Mangalore

    Sun, Nov 27 2016

    Those who had the black money, have utilised the LRS scheme, to remit the funds abroad... Modi helped them by increasing the earlier limit of $ 75,000 to $ 275,000 ( 1.8 crores ) per person after he came to power..
    More over his party , business partners, friends relatives got the news before the scheme was announced... He did not use Ordinance to announce the scheme....nothing but dictatorship ...

    DisAgree Agree [3] Reply Report Abuse

  • ßryan, ßahrain

    Sat, Nov 26 2016

    Mr. Tata, it is easy to teach, give lesson to other, passing comments, but hard to learn when it comes to yourself. A leader like Mr. Modi, should always be open to criticism, if he does not tolerate criticism from the public then he is afraid of what is going to happen in the next election...

    DisAgree [15] Agree [37] Reply Report Abuse

  • David Pais, Mangalore

    Sat, Nov 26 2016

    usa high denomination note 50 & 100. india low 500 & 2000 good hording & transportation.

    DisAgree [10] Agree [10] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Sat, Nov 26 2016

    I am not affiliated to any party.
    1. If demonetization curbs, terror funds, illicit drugs trade, hoarding of essential goods, gambling, prostitution, adulteration, infiltration from border countries, then I will be always for it!
    I feel countrymen should be for it.
    2. Some insider may have got the information and benefited.
    There had be decision makers body.
    3. But if demonetization helps in curbing activities mentioned in item no.1, then the country will surely benefit in long run.
    Country can be better managed.
    Just visualize who was misusing our currency most!

    DisAgree [7] Agree [21] Reply Report Abuse

  • TRUE INDIAN , IXE

    Sat, Nov 26 2016

    IF THESE BIG GUNS. DOESENT SUPPORT THEN INCOME TAX NOTICE WILL BE ON THEIR DOOR.

    ALL BLACK MONEY HOLDERS NOW SUPPORTING THE MOVE AND PRAISING MODI.

    IF U ASK MALLYA ALSO. HE TOO WILL PRAISE MODI.

    DisAgree [14] Agree [35] Reply Report Abuse

  • Thomas Pascal Andrade, Valencia / Toronto

    Sat, Nov 26 2016

    Demonetization may have short term effect on general public which was expected, however how can one forget the long term benefits on the Indian economy and the general public. The government had given several chances to the hoarders of black-money to whiten their money but only a few accepted it. Besides, the fake currency in circulation is bleeding our economy. I don’t think an average Indian is much affected by this move other than spending time to exchange their old currency. Unlike in the Western Countries, India’s economy is currency-based and even today a huge percentage people are using paper money than credit or debit cards. When I am in India, my wallet is full of notes and when I return here, it is only with my credit cards and IDs. Considering this, changing the currency is not a child’s play either to the public or to the government.
    It was done in the past when Morarji Desai was PM, however the general public was not affected mainly because the value of the currency at that time was several times more than today’s and it was not common to have such big bills in everyone’s pocket.
    As Arun Jaitley rightly said (and Manmohan Singh wrongly said) India is doing this not just for today’s generation but also keeping in mind the next generation. Don’t we want our children to have better future? A country would be strong only when it is militarily and economically strong. Why hue and cry when someone is doing a good thing?

    DisAgree [44] Agree [46] Reply Report Abuse

  • ANIKETH, MUMBAI

    Sat, Nov 26 2016

    worth reading your comments.

    DisAgree [34] Agree [32] Reply Report Abuse

  • sri, Karkala

    Sat, Nov 26 2016

    Your comments are simply great.

    I wish everyone in daiji forum should try to read your comments and let them understand it.

    DisAgree [32] Agree [31] Reply Report Abuse

  • Godwin, Navi Mumbai

    Sat, Nov 26 2016

    Thomas Pascal Andrade, Valencia / Toronto , very easy to preach sitting in another corner of world as you are affected by the results.

    DisAgree [28] Agree [32] Reply Report Abuse

  • Joseph F. Gonsalves, Bannur, Puttur / Mangalore

    Sat, Nov 26 2016

    DR. MANMOHAN SINGH HAD DEMONETISED 500 RUPEE NOTES AND INTRODUCED 500 RUPEE NOTES IN ANOTHER MANNER.

    Chaaiwaala's Demonetisation of rupee disclosing to bjp and its allies is a Gross

    MONUMENTAL MISMANAGEMENT AND AN ORGANISED LOOT AND PLUNDER FROM NDA.

    DEMONETISATION HAS GIVEN POOR PEOPLE CRAZE TO BUY CHAAI IN BETWEEN THE QUE LINES.

    HE DISPLAYED HIS OWN LACK OF KNOWLEDGE TO THE WORLD IN DEMONETISING.

    DisAgree [27] Agree [52] Reply Report Abuse

  • Vijay m, Mangaluru

    Sat, Nov 26 2016

    Any favour from government

    DisAgree [12] Agree [33] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Sat, Nov 26 2016

    Theoretically no one is opposing demonetization, but in reality/practically no one understand the biting truth and the suffering of the middle class, poor & the downtrodden.

    people are suffered enough..,
    just to punish the 1%...., 99% innocents are made to suffer like hell.., still lot of gloom & doom is surrounding people of Hindustan..,

    Hey Lord Raam....! where are you.., please take care of us..,

    DisAgree [21] Agree [52] Reply Report Abuse

  • Ahmed, UAE

    Sat, Nov 26 2016

    Someone called this exercise "carpet bombing"

    DisAgree [9] Agree [25] Reply Report Abuse

  • j.anata, Mangaluru / Qatar

    Sat, Nov 26 2016

    Well, till now no ATM is ransacked or any bank branch burnt or people killed in savage fights. This situation is putting off opposition parties as Noose tightening on black money hoarders

    DisAgree [29] Agree [14] Reply Report Abuse

  • Nash, Mangalore

    Sat, Nov 26 2016

    In the end Truth triumphs!!!

    DisAgree [3] Agree [32] Reply Report Abuse

  • N.M, Mangalore

    Sat, Nov 26 2016

    lolz....Looks like Ratan Tata is in need of government support to come out of The Tata- Mistry mess.

    opportunist??!!

    DisAgree [26] Agree [67] Reply Report Abuse

  • Gangaram, Moodbidri

    Sat, Nov 26 2016

    No one opposing it Mr. Tata, but all are questioning on method of implementation and systematical leakage to Industrialist and BJP Cadre where they came to know in advance!!!

    Did you heard any opposition political party opposed it???

    DisAgree [21] Agree [84] Reply Report Abuse

  • Peter, KSA

    Sat, Nov 26 2016

    Mr. Gangaram, you have commented my thoughts. Even great economist Mr. MMS said the same thing. The method of implementation is disaster.

    DisAgree [9] Agree [54] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Sat, Nov 26 2016

    @True Peter,

    In my observation/view, ....it is not only disaster, but also seems like used to tarnish, target & intimidate the opposition party & its supporters all across Hindustan..,

    DisAgree [7] Agree [27] Reply Report Abuse

  • PAM Suvarna, Karla

    Sat, Nov 26 2016

    Prudent Indians knows this move is good for country in long term benefits,but for those blind,corrupt party supporters it looks like a adverse.

    DisAgree [36] Agree [12] Reply Report Abuse

  • Joseph Rego, Mangalore

    Sat, Nov 26 2016

    Demonetisation is nothing but a "financial emergency" imposed by a dictator.

    What are TATA's liabilities ( loans ) with Indian banks ?

    DisAgree [14] Agree [38] Reply Report Abuse

  • G M Hegde, Udupi

    Sat, Nov 26 2016

    Support to the government in exchange for support for misadventures with taxpayers money at Tatas.

    DisAgree [22] Agree [19] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Nov 26 2016

    Did you ever stand in queue ...

    DisAgree [27] Agree [66] Reply Report Abuse

  • m, mangalore

    Sat, Nov 26 2016

    All our life we have stood in q.
    For ration, paying bills, even voting for the jokers.
    Standing in q is not a new thing for the indians.

    DisAgree [22] Agree [46] Reply Report Abuse

  • Gangaram, Moodbidri

    Sat, Nov 26 2016

    m, mangalore

    blind bakth go to other countries in the world and see if they also standing on que for ration and to pay bills etc. There is no service without queing in any govt office or private offices.

    Only difference is, in other countries people follow the rules and we are breaking rules hence all mess up always.

    DisAgree [16] Agree [38] Reply Report Abuse

  • Janardhan Poojary, Mangalore

    Sun, Nov 27 2016

    soldiers stand under sunlight every day,

    still congress denied OROP for more than 6 decades, did u question ever?

    do u think only when u stood in q sun came up?

    every day his routine is same my dear friend.

    DisAgree [6] Agree [7] Reply Report Abuse

  • FRANCIS, Dubai

    Sat, Nov 26 2016

    Demonetisation of Rs.500.00 and Rs. 1,000.00 plan was known to BJP
    leaders since past six months. Why??????

    DisAgree [27] Agree [66] Reply Report Abuse

  • RS, Chennai

    Sat, Nov 26 2016

    Please judge properly & then comment . This is a good move . Short term pain & long term gain . Please understand

    DisAgree [71] Agree [26] Reply Report Abuse

  • Gangaram, Moodbidri

    Sat, Nov 26 2016

    ohh come on, because it was good move BJP came to know it in advance? is that you saying?

    DisAgree [12] Agree [53] Reply Report Abuse

  • Ramesh Babu, Mangalore

    Sat, Nov 26 2016

    Hey did you stay in line? well i did and i know the pain in the hot and sun.

    DisAgree [8] Agree [58] Reply Report Abuse

  • David Pais, Mangalore

    Sat, Nov 26 2016

    @RSS Chennai, bjp,rss knew demonetisation well in advance.

    DisAgree [13] Agree [57] Reply Report Abuse


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Title: Demonetisation most important economic reform, needs support: Ratan Tata



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