India's richest tycoon Mukesh Ambani, on 1 December, threw his weight behind Prime Minister Narendra Modi's demonetisation move, saying in a single stroke all unproductive money has been brought into productive use.
Announcing extension of free domestic voice calling and data on his Reliance Jio network till 31 March, Ambani said he wants to "congratulate and applaud" Modi for his "bold and historic decision" to junk old 500 and 1000 rupee notes.
"By doing this, our Prime Minister has given the strongest possible push to the growth of a digitally-enabled, optimal-cash economy in India," he said.
Stating that the move will help change the mindset of the people of India, he said, digitally-enabling transactions will help "create a fair, just, transparent and strong India and Indian economy."
"It will bring unprecedented accountability at every level," he said. "I believe that the common people will be the biggest beneficiaries of this change."
Stating that the biggest beneficiary of the move will be the ordinary Indian, he said moving to cashless economy and digital mode of payments will end queues not just for utility bill payments but also for depositing or withdrawing money at banks.
"With one single step, he has brought all the unproductive money into productive use. This will enhance credit flow in the economy and legitimate credit is the fuel that powers the engine of economic growth," he said.