PM Modi mocks international economists, says GDP growth shows demonetisation has no ill effects

"On the one hand are those from Harvard [University] who talk, and on the other hand is this son of the poor who wants to change the country’s economy," media reports quoted Modi as saying  at an election rally in Maharajganj in Uttar Pradesh.

Modi's notes ban came under sharp criticism of several economists of world fame, including Nobel laureate Amartya Sen.

They particularly spoke about "forcing" the notes ban decision on the people, saying the move has many pitfalls, while the Government claimed that it would help flush out black money, curb fake currency and fight corruption.

“Despite notebandi the GDP figures prove that people like you did not let economic growth suffer,” The Prime Minister said.

He  said different sectors like mining, electricity and agriculture have posted a healthy growth,implying that demonetisation has not affected growth.

“People have been asking whether the numbers are real or not, where have the numbers come from? Our figures have come from the same place they have been coming from for the past 10 years."

“The country wants this kind of an economic model,” he told the rally.

The Ministry of Statistics on Tuesday  released data that suggested that the Indian economy has posted a seven per cent growth in the third quarter despite the notes ban that wiped out about 86 per cent of the cash which was in circulation in the market till November 8, 2016.

The Government's GDP growth estimate for the full year (2016-17) is 7.1 per cent, which is higher than perceived.