Demonetisation

In Demonetisation Speech, Modi Lists Budget-like Sops, Says Too Much Cash is Bad for Economy

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Prime Minister Narendra Modi addressed the nation on Saturday evening, his second public address since his announcement on November 8 to demonetise Rs 500 and Rs 1000 notes. When first announcing the move, Modi asked the country for 50 days (which end tonight) for the inconveniences caused by demonetisation to cease.

The demonetisation move has been criticised both within parliament and outside, especially for the perceived lack of preparedness of the government and the RBI. Reports before his speech predicted that Modi would spell out a roadmap of what happens after demonetisation.

The full text of the speech can be read here in English and in Hindi.

Here are the highlights of what the prime minister had to say, as tweeted by The Wire’s reporters during the live telecast of his speech: