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Shah defends demonetisation, says it expanded India’s formal economy

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9 years ago

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[vc_row][vc_column][vc_column_text]BJP national president tells FICCI that dip in GDP growth to 5.7 per cent was due to “technical reasons”

At a time when Reserve Bank of India’s (RBI) report stating that 99 per cent of demonetised notes had been deposited with various banks has unleashed renewed criticism of Prime Minister Narendra Modi’s maverick move, BJP national president Amit Shah, on Saturday, pitched a new defence of noteban, asserting that it had expanded India’s “formal economy”.

Addressing an interactive session organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi on Saturday, Shah said: “I definitely believe that the formal economy has increased due to demonetisation. Money lying at various places is now part of the economy.”

Asserting that declaring Rs 500 and Rs 1000 notes as no longer legal tender was a “hard decision” taken to boost the Indian economy and that the BJP doesn’t link policy decisions with vote bank, Shah said: “We have taken some decisions for which we have faced severe criticism. But let me make one thing clear that BJP’s Narendra Modi government does not believe in taking decisions that just appear good to people, but it believes in taking decisions that are actually good for people.”

While Prime Minister Modi and his government may have also faced flak for offering different figures of new tax payers brought under the income tax net in the past three years – and especially since demonetisation – Shah didn’t shy away from giving his own numbers.

“Those people who are asking about the benefits of demonetisation, I would like to tell them that since independence, we were able to add only 3.7 crore in our tax payer base…In last three years, we have increased the number of taxpayers from 3.7 crore to 6.3 crore. This shows that our economy is growing, and our transparency is also growing, but for this, some of the difficulties have to be faced right now,” the BJP president said.

Shah, however, conceded that the BJP “may have faced” or could face in the future some “political losses” due to demonetisation but qualified his statement by saying that it was a risk that the party was willing to take “in the interest of the country”.

He also asked the business community to “encash” the “Brand India” built by the government globally and claimed that the NDA dispensation’s most significant contribution was that it had transformed the “scale of thinking“.

The Modi government was focusing on long-term goals rather than short-term gains, Shah said, adding that direct benefit transfers now reach 36 crore people from 8.5 crore in 2014 and saved over Rs 59,000 crore in subsidies. Earlier, this money would have disappeared due to corruption, he said.

Shah also played down the dip in the GDP growth rate to 5.7 per cent in the last quarter, saying it was due to some “technical reasons” and added it had gone up to 7.1 per cent after falling to 4.7 per cent in 2013-14 when the UPA was in power.

The BJP president also touched upon the issue of banks’ non-performing assets (NPAs), seen as a drag on the economy, saying the Modi government had inherited these bad loans and none of them happened during its tenure. It was a very “courageous move” of the Modi dispensation to ask banks to bring NPAs to their books, he said.

“The issue (of NPAs) is looked at politically. But I want to make it very clear that none of these loans which turned NPAs were offered during our government. Opposition targets us saying so many accounts have turned into NPAs. But not a single account is from our time. We have inherited it,” he said.

The Union government along with states had taken over 7,000 decisions to increase the ease of doing business, he said, adding: “Some critics of our government claim that development has stalled but I would like to tell them not to look at statistics but travel around to find development.”[/vc_column_text][/vc_column][/vc_row]

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Government ropes in Meta, Google, and Telegram to prevent leaks ahead of NEET-UG re-exam

In a bid to ensure a fair and secure NEET-UG re-examination, the central government has partnered with tech giants like Meta, Google, and Telegram to actively eliminate fake online channels and misinformation networks before the June 21 test.

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20 mins ago

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May 21, 2026

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The central government has initiated a collaborative effort with major social media giants, including Meta, Google, and Telegram, to counter the spread of misinformation and secure the upcoming NEET-UG re-examination. Union Education Minister Dharmendra Pradhan chaired a high-level review meeting alongside central security and intelligence agencies to establish a foolproof security framework for the medical entrance test.

During the discussions, authorities raised serious concerns over the proliferation of fake paper-leak claims, clickbait content, and unverified information circulated via anonymous online groups and automated bots. Inputs from intelligence agencies revealed that multiple suspicious channels operate through a restricted set of phone numbers, pointing toward a coordinated effort to create panic among students and parents.

Focused crackdown on fraudulent networks

To address these vulnerabilities early, the Union Education Minister directed law enforcement and tech platforms to proactively identify, block, and take down channels spreading propaganda before the examination commences. The minister emphasized that social media platforms must work in sync with the Ministry of Education, the National Testing Agency (NTA), and security agencies to safeguard candidates from misleading narratives.

The high-level meeting, which included the director general of the NTA and senior ministry officials, aimed to map out potential security risks in advance to deploy preventive and corrective measures. Maintaining public trust in the examination process remains a top government priority.

The development follows the recent cancellation of the NEET-UG 2026 exam originally held on May 3, which is currently being investigated by the CBI over paper-leak allegations. The re-test is officially scheduled to take place on June 21.

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Tamil Nadu cabinet expansion: 23 new ministers, including 2 Congress MLAs, to take oath

Tamil Nadu Chief Minister Joseph Vijay is set to expand his Council of Ministers today with the induction of 23 MLAs, including 21 from the TVK and two from the Congress.

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32 mins ago

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May 21, 2026

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In a major political development, Tamil Nadu Chief Minister Joseph Vijay is expanding his Council of Ministers today by inducting 23 new MLAs. The expansion reflects a significant consolidation of the ruling alliance, bringing representation from key partner parties into the government.

Diverse representation in the new team

The incoming cohort of ministers consists of 21 lawmakers from Chief Minister Vijay’s party, the Tamilaga Vettri Kazhagam (TVK), alongside 2 legislators from the allied Congress party. Media reports indicate that the expansion aims to reinforce unity among alliance partners, with further representation expected for other regional allies to balance regional and political administration. The official swearing-in ceremony for all 23 nominees is scheduled to take place today in Chennai.

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Melody runs out of stock on quick-commerce apps as viral PM Modi-Meloni video triggers candy frenzy

A casual diplomatic gift has triggered an unprecedented consumer rush, leaving quick-commerce apps like Blinkit, Zepto, and Instamart completely out of stock of the iconic Melody candy.

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14 hours ago

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May 20, 2026

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A simple packet of the classic chocolate-and-caramel toffee Melody has unexpectedly gone viral after a light-hearted diplomatic moment between Indian Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni triggered a wave of online buzz and consumer interest in India.

Viral Modi-Meloni moment drives internet frenzy

The trend began after a video of PM Narendra Modi gifting a packet of Parle Melody to Italian Prime Minister Giorgia Meloni during his visit gained traction on social media. The clip shows the two leaders sharing a warm and informal exchange, which quickly caught the attention of users online.

Meloni’s positive reaction in the video and the friendly interaction between the two leaders helped fuel the popularity of the moment, which users soon began referring to as part of the “Melodi” meme trend.

Melody demand spikes on quick-commerce platforms

Following the viral spread of the video, demand for Melody toffees reportedly surged across India. Users on social media began sharing screenshots showing the candy listed as out of stock on quick-commerce platforms such as Blinkit and Zepto in several locations.

The sudden spike in interest led to widespread discussion online, with many users humorously linking the diplomatic moment to the sudden shortage of the nostalgic candy.

‘Melodi’ meme trend returns

Beyond the retail impact, the interaction once again revived the popular “Melodi” meme trend on social media. Users flooded platforms with memes, edits, and humorous posts referencing the friendly exchange between the two leaders.

The trend highlights how light-hearted diplomatic moments can quickly evolve into viral cultural phenomena in the digital age.

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