Corrupt people, for the first time after Independence, were scared of making illicit money, he said.
According to media reports, Modi said nothing will be able to deter him from the efforts to change the "broken system" of the past 70 years.
He said that the country saw a "behavioural change" after demonetisation, which helped in converting to a "clean and healthy economy". He also said his government was committed to a development centric eco system which would be citizen centric and free of corruption.
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Saying he was ready to pay a political price for fighting corruption, Modi described Aadhaar, which is facing legal challenges over privacy concerns, as an irreversible change, a term he used to play on the HT summit's theme of The Irreversible Rise of India.
Recently, Union Housing Minister Hardeep Singh Puri had reportedly said that property transactions would be linked to Aadhaar to eliminate black money from the real estate sector nd help in addressing the issue of benami property.
There has also been a "positive change" in the mindset and self-confidence of people "like never before", he said.
PM Modi went on to say that major and permanent changes are not easy to make and require overhauling of the whole system if such changes are to be sustained.
"By linking Aadhaar to mobile and Jan Dhan, we have created such a system that could not have been imagined few years back", the PM said. "Demonetisation brought in proof of black money... finished parallel economy", he said. Also the government hopes to ensure financial transparency by pushing people to link Aadhaar to bank accounts and other services.
"The day the country will have a technical and digital address for all monetary transactions, organised corruption will be checked to a great extent", he said.