Terming demonetisation a "short-term pain for a long-term gain", Union Home Minster Rajnath Singh on Saturday said India would be among the top three world economies in the next ten years.
"After the decision of demonetisation, cashless transactions have increased by over 300 per cent. It is not a small thing. It is a bold and historic decision," he said.
Singh was speaking at a function here to mark the launch of 'Lucky Grahak Yojana' and 'Digi Dhan Vyapaar Yojana'.
"This decision will shape the future of India, it will make India an economic super power," he said.
Referring to the hardships faced by common people due to note ban, he said it was a "short-term pain for a long-term gain".
"Things are looking up now. The circulation of new currency notes in the market has improved," he said, noting that India was the "fast-growing economy" in the world.
"Modi wants to take decisions that will catapult India to the slot of top three economies of the world, and I am confident of it," he said.
To encourage cashless business, strengthen mobile banking and inculcate the habit of making e-payments, the government recently launched schemes for consumers as well as traders.
To encourage customers, the scheme is 'Lucky Grahak Yojana' and to encourage traders, the scheme is 'Digi Dhan Vyapaar Yojana'.
The government had announced scrapping of the old Rs 500 and the Rs 1,000 notes on November 8. While this led to a cash crunch and serpentine queues at banks and ATMs, the decision also pushed uptake of digital payments in the country.
The programme was attended by UP Governor Ram Naik, Union MoS for Finance Santosh Gangwar, city Mayor Dinesh Sharma and popular Bollywood singer Kailash Kher.