"The day majority of the transactions have a technical and digital address, organized corruption would end to a great extent. I know I will have to pay a heavy political price, but I am ready for it," Modi said at a summit here.
The statement comes at a time when Congress vice president Rahul Gandhi, in its election rallies in poll-bound Gujarat, is saying that demonetisation and Goods and Services Tax (GST) have negatively impacted the economy and people's lives.
Post demonetisation, Modi-led government has put thrust on digital transactions across the country to bring in transparency and curb parallel economy.
"After demonetisation, there has been a behavioral change in the country. Since independence, it is the first time that the corrupt feared exchanging black money, they feared getting caught. Black money that was the foundation of parallel economy, is now brought to formal economy," the Prime Minister said.
Modi also said India was growing in stature and confidence in the global sphere, and slogans like 'Ab ki Bar Cameron Sarkar' and 'Ab ki Bar Trump Sarkar' used in the United Kingdom and the United States respectively were proof of it.
"Today, Indians living abroad proudly hold their heads high. Slogans like 'Ab ki Bar Cameron Sarkar' and 'Ab ki Bar Trump Sarkar' are proof of growing confidence and stature of India globally," Modi said at the summit.
The slogans are inspired from the one used during the 2014 General Election campaign by the Bharatiya Janata Prarty (BJP) - 'Ab ki Bar Modi Sarkar' (This time Modi government).
He said when his party came to power three years ago, the country was counted amongst the 'Fragile Five'.
"When we came in Centre in 2014, what did we inherit? The economy, governance, fiscal order, and banking system were all in shambles. Our country was counted amongst the 'Fragile Five'," he said, adding that unlike the last government, BJP took a holistic approach in taking decisions. (ANI)