Mukesh Ambani lauds PM Modi's demonetisation drive

Mumbai: Reliance Industries Chairman Mukesh Ambani on Saturday lauded Prime Minister Narendra Modi for his demonetisation move and digital drives.

"Thanks to demonetisation, India has taken a big leap forward from a predominantly cash economy to a digitally enabled optimal cash economy. It has brought unproductive money into productive use, Ambani said while addressing the India Today Conclave.

He said so far credit in the country had been high value and low volume, available only to a few people. "In the coming years based on your Aadhaar identity, it will be possible to get a loan on your mobile in just a few minutes," the richest man in India told the gathering.

India underwent demonetisation drive from Nov 8 to Dec 30 of high-valued Rs 500 and Rs 1,000 notes to cleanse the country of black money.

Asked about Modi-led Bharatiya Janata Party's landslide victory in the recent Uttar Pradesh elections, despite the demonetisation drive which affected common people as well, Ambani said: "We are blessed to have a leader who not only understands the countrymen but also understands the world and technology."

"What impressed me the most was when the prime minister visited the US (at the time Barrack Obama was the US President) and at the dinner they only discussed how technology can benefit the poor people and help develop a country."