Prime Minister Narendra Modi in a televised address on New Year's eve, said his abrupt decision to cancel high-denomination notes last month has dealt "a serious blow" to black money, terror-financing and tax evasion. Defending his demonetisation drive, PM Modi, in a 45-minute speech delivered first in Hindi and then English, said, "There is no precedent globally to what India has done" and thanked the people for "redefining the concept of sacrifice" with their willingness to brave long lines at banks to get cash, which has been in short supply since he abolished 500-and 1,000-rupee notes on November 8. Prime Minister Modi, through his speech, revealed a cluster of new schemes for cheap housing for the poor along with special financial programs for small business, women and farmers, all of which could boost his party's chances of winning Uttar Pradesh, which will vote soon for its next government.
