Narendra Modi has gained a new respect among people and in the global world after his most bold and historic announcement of demonetization of 500 and 1000 rupee notes. His call for war against black money has been a huge success and people giving complete support to him. Ever since he announced the decision, all we can hear in the country is people saying “Modi Did the Right Thing”.
This decision wasn’t easy to take, the first time Modi spoke about this plan was in March, 2016. It involved huge risk since it would create wobble in the economic world. But Modi and few other economic experts knew that it will have a good long term effect on Indian economy and the step was very much necessary as India was crippling under the black money racket. The black money not just affected the economy but had posed severe threat to the National security with terrorists being funded hugely by black money.
The RBI got to work 6 months back keeping the entire plan a secret and none of the RBI officials also knew anything about demonetization. They instead thought it was just an additional note which will be introduced into circulation. Behind the screen there was a bigger picture, a secret charted plane used to travel from Mysore RBI printing unit to Delhi. This flight has been silently ferrying the new currency notes to Delhi head office from Mysore for the past 6 months, and nobody even had a slightest idea of the 8/11 surgical strike.
Taking a call of an economic decision of this magnitude is truly breathtaking moment say few economic experts inside the government.
Yes, absolutely true! The Singapore newspaper today covered a story of Narendra Modi and his bold decision comparing him with the Great Late Lee Kuan Yew. Lee Kuan Yee, the first Prime Minister of Singapore who is known as the Founding Father of Singapore is the man who transformed Singapore from a third world country to first world in a span of 25 years.
Mr. Lee’s ideas and policies on National security, economy, Anti-corruption measures and population policies are considered to be one of the best in the world. He was the also the first person to lead the cleanliness drive in Singapore after Independence. He assessed the huge economic loss incurred due to unhygienic practices, open defection and started a movement to make Singapore clean. Today if we praise Singapore to be one of the best cities for tourists, the first credit would go to this man Lee.
His economic reforms to curb corruption were very much similar to what Modi is doing presently. He wanted to make Singapore the leader in banking system, for which he made all transaction accountable. This brought huge revenue to the government which he invested to create infrastructure for MNCs and foreign investments. He introduced macroeconomic policies to facilitate business which gave a stable economy and the Singaporean dollar got global recognition.
He set up Anti-corruption bureau and PAID extra money to government employees to remain HONEST! In 1994, he linked the salaries of ministers, judges and civil servants to corporate professionals to encourage more people to serve in public sector.
He never went behind corrupts, but he modified and institutionalized all sectors which became a routine habit for people to follow discipline, respect law and be non-corrupt. The result is what we see today’s SINGAPORE!!!
Modi who is known to be a huge fan of Mr. Lee has adopted many similar measures to address the problems of India. In fact Modi had called Mr Lee as “A far-sighted statesman and a lion among leaders, Mr Lee Kuan Yew’s life teaches valuable lessons to everyone”. Modi had visited Mr Lee’s funeral ceremony when he passed away in 2015.
It is very much true that Narendra Modi also dreams to make India a global super power, which is why many historic reforms are being rolled out like never before. This is just the beginning and we can very much expect many more tough actions and strict policies to be implemented. With the pace and speed Modi is implementing policies, surely we can expect India to recover and be a super power in another 10-15 years.
It always makes one wonder, weren’t these policies and reforms supposed to be implemented 50 years back when India got Independence?! But our politicians thought religion, caste, vote bank appeasement was more important than country itself.
If one such good policy can make such huge impact today, imagine if it had been done 50 yrs back, where would our country be today?!