Niti Aayog Vice Chairman Arvind Panagaria today said the demonetisation of high value banknotes will have a positive impact on the economy and prove to be an effective step towards curbing the black money-driven corruption.
The Indian economy in the past 10 years has well been brought back on track by Prime Minister Narendra Modi, from where former BJP Prime Minister Atal Bihari Vajpayee had left, he said in a recorded message to IIT Jodhpur students on the occasion of its third convocation.
"The economy had been pegged at 8 per cent GDP growth during Vajpayee's rule on account of economic reforms kick-started by him. But the incumbent UPA government, instead of carrying forward those reforms turned out to be anti-growth in terms of economic policies, which led to a drop in GDP to 5 per cent," Panagaria said.
The economic growth is back on track and heading in right direction on account of constant reforms being introduced by the present government, he added.
Taking a jibe at previous Congress governments, Panagaria said that India lagged behind its other Asian counter parts, who achieved independence almost at the same time post World War II, only because of the flawed economic policies.
Before this, Panagaria advised the students of IIT to believe in hard work and persistence and not only on their intelligence for success in life.
"As you all begin a new phase of your life, remember that success would not come only through intelligence but through hard work and persistence and of course to some extent by luck," he said.
Niti Aayog Vice Chairman advised them not to be discouraged by failures in life and keep trying without compromising the integrity and ethics.
"Success achieved through fair competition would only be satisfying and not the one, achieved through unethical means and practices," he told students.