Prime Minister Narendra Modi is scheduled to address the nation and discuss the government’s demonetisation drive at 7.30 pm on December 31, several reports said on Thursday. This will be the day after Modi’s 50-day deadline for demonetisation ends, by which time, he had promised, he would have radically overhauled the Indian economy. During previous addresses, Modi had hinted that he would at some point announce several other reforms as part of the government’s crackdown against black money and corruption.
On November 8, the government had demonetised Rs 500 and Rs 1,000 notes, which made up 86% of India’s currency invalid, saying the move would help smoke out those hoarding black money. It has since said that the decision will also push India into becoming a cashless economy. The move has been widely criticised by the Opposition and economists, and citizens have faced a massive cash crunch.