While the jury is still out on whether or not demonetisation was a gamechanger for India's economy, Prime Minister Narendra Modi has shrugged off all criticisms of his drive as it completed 50 turbulent days this week.

READ FULL INDIA TODAY MAGAZINE INTERVIEW HERE

Prime Minister Modi told India Today Group Editorial Director Raj Chengappa, "Black money has all been forced out into the open, whomsoever it may belong to-whether it is corrupt politicians, bureaucrats, businessmen or professionals. Counterfeit notes, which our intelligence agencies had reported to be available in high volumes with our enemies, have been instantly neutralised. The media has extensively reported on districts famous as counterfeiting hubs being badly hit. Similarly, cash held by terrorists, Maoists and other extremists has also been neutralised. There has been a crippling impact on dangerous and highly damaging illegal activities, such as human trafficking, and the narcotics trade as well."

In an exclusive - and his first since November 8 when he announced the banning of Rs 500 and Rs 1000 notes - interview to India Today magazine, Modi said demonetisation has forced all "black money out into the open" and claimed the decision was taken "not for some short-term windfall gain, but for a long-term structural transformation".

"You must understand that we took the decision on demonetisation not for some short-term windfall gain, but for a long-term structural transformation. Our objective clearly was to clean our economy and society of the menace of black money, purging the distrust, artificial pressures and other ills that came with it," he said.

India Today Group Editorial Director Raj Chengappa in conversation with Prime Minister Narendra Modi at the Prime Minister's Office. India Today Group Editorial Director Raj Chengappa in conversation with Prime Minister Narendra Modi at the Prime Minister's Office.

10 BEST QUOTES FROM MODI'S INTERVIEW OF THE YEAR: I believe India is standing at a watershed moment, on the cusp of actualising its inherent potential as a developed nation and global leader. An India which is Swachh from all forms of filth. Regarding the frequent modifications, one must be able to distinguish between niti (policy) and ran-niti (strategy) and not put them in the same basket. The decision of demonetisation, which reflects our niti, is unequivocally clear, unwavering and categorical. Our ran-niti, however, needed to be different, aptly summarised by the age-old saying of 'Tu daal-daal, main paat-paat'. To stay a step ahead of the enemy. If you act with clarity and with the purest of motives, the results will be there for any to see. Whatever my critics may say, I seek no personal benefit from all this, only the greater good. This decision (demonetisation) is so huge that even our best economists remain confused in their calculations. India's 1.25 billion citizens, however, have welcomed it wholeheartedly and supported it even in the face of great personal difficulties, intuitively understanding its impact and importance. I pity some of our opponents, especially the Congress leadership, for the desperation they have been exhibiting. On the one hand, they say I took this decision for political dividends, and on the other, they say the people have been troubled and are deeply unhappy. How can the two go together? The government tried its best to keep Parliament functioning. I was keen to speak in both the Houses. Yet, there was a concerted attempt by the Congress to derail the functioning of the Houses rather than have a proper debate. This fashion of reducing any talk of corruption to politics is a dangerous trap. It creates a cover for the many others guilty of the same to get away with it. But, this doesn't mean I condone corruption in politics. I have also repeatedly expressed concern about how our current system of multiple elections not only raises political expenditure, thereby hurting the economy, but also results in the nation perpetually remaining in election mode, stalling governance. I welcome the Election Commission's initiative to explore the possibility of simultaneous assembly and parliamentary elections. It is interesting that the words 'monumental mismanagement' come from a leader (Manmohan Singh) who has been at the helm of India's economic journey for around 45 years - from being the chief economic advisor to the DEA secretary, RBI governor, Planning Commission deputy chairman, finance minister and prime minister - all the while during which large sections of our society have continued to live in poverty and deprivation. If one does an unbiased, objective evaluation of my government's programmes and priorities over the past two and a half years, the one thing that will unambiguously emerge is the centrality of the poor, downtrodden and marginalised.

The full interview is published in this week's India Today magazine. On stands now.

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