Protectionism may take away gains from globalization: Prime Minister
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Prime Minister Narendra Modi has said that rise in protectionism threatens to take away the gains from globalization. At the G20 Summit, Modi stressed that the grouping should speak in one voice to support and sustain a regime of openness. Commenting on the issue, Prime Minister told the media, “The decision on demonetization has dealt a blow to corruption, boosted digitization and enlarged the formal economy”.
In efforts to deal with corruption and the black money menace, the Indian government had demonetised old Rs 500 and 1,000 currency notes in November. Asserting that the government is ready to carry forward the fight against black money and corruption, Modi hoped that the G20 would assume leadership to act on all important issues. The Prime Minister said the implementation of automatic exchange of financial account information on a reciprocal basis will help curb black money and illicit flows.