Aspirational India put up with historic decisions: Jaitley

“We have to realise that excessive paper currency has its own vices and temptations.”

aasha

Aasha Khosa | January 11, 2017 | Ahmedabad


#cash   #GST   #Vibrant Gujarat   #Arun Jaitley   #Demonetisation  
Arun Jaitley at the Vibrant Gujarat Conference
Arun Jaitley at the Vibrant Gujarat Conference

Finance Minister Arun Jaitley today linked the near lack of public resistance to the Narendra Modi government’s move to ban currency of high denomination to the “aspirational Indians” and “progress oriented public opinion”.

Jaitley also spoke on Goods and Services Tax (GST) and said he is working on seeing the regime in force from April 1 even as some of the disagreements on framing laws and regulations on this remained.
 
Speaking at the Vibrant Gujarat Conference, Jaitley was the only high profile government person to touch the thorny demonetization issue. The low key festivities like kite flying competition on the banks of river Sabarmati, that go alongside the high profile economic conclave and the missing stalls put up by the small entrepreneurs, were some of the visible signs of note ban in the event.
 
He said that the demonetisation was part of the series of historic decisions taken by the Modi government to upturn the Indian economy.
“Difficult decisions pass through difficult phases,” he said in an obvious reference to the hardships being faced by common people due to the note ban move. “Historic decisions which have long term positive impact also have transient bad phases.”
 
He said in UPA regime, the Indian economy had started looking fragile; the data on micro economics was looking down and the debate was always around where we had gone wrong and not where we should lead ourselves to. However, this, he claimed, had changed in May 2014, when Narendra Modi took charge.
 
“The decisive leadership took steps to rebuild economy and not only took bold and courageous decisions, but it had also the stamina to withstand transient criticism.”
 
“If you don’t take such decisions, you will be into routine governance and never leave footprints on the history.”
 
He also took on to the global experts who have criticized the Indian government for demonetization move without making enough preparations and heaping troubles on common people. He said most of such experts were comparing the Indian situation with the nations and societies which had high tax compliance rates.
 
“We have to admit that people of India aspire to see their country move from the developing country to the developed nation and are call ourselves as the world’s fastest growing economy but in the matters of taxation, we remain a non-compliant society.”
 
Demonetisation, he said, changed the way the Indians used to live and spend. “We have to realize that excessive paper currency has its own vices and temptations.”
 
He said the passing of exit law for businesses and signing of double taxation avoidance treaties with Mauritius, Singapore …had helped end growth of shadow economy and the digital economy will also add to this.
 
He said the digitalisation of economy will also address the narrowness of our tax ban. He claimed once the “anonymous money” will move into the banks (through demonetisation), it would lead to integration of formal and informal economy.
 

Comments

 

Other News

Spotting and nurturing young talent, helping them bloom

Things don’t turn up in this world, as former US president James A. Garfield once said, until someone turns them up. This is all the more so, when one considers the hidden gems that are waiting to be discovered. The world is full of talented young people who need just a nudge to provide that spark th

Khadi sets new record for single-day sale at Delhi shop

On Gandhi Jayanti this year, the Khadi India outlet in Connaught Place in the capital once again set a new record of khadi sales in a single day. In a single day, the Khadi India showroom at Connaught Place marked sale of Rs. 1.34 crore and broke its own previous record of Rs. 1.01 crore se

Mumbai Metro: Delay on Tracks

In Mumbai, the ninth most populous and congested city on the planet, high rentals compel citizens to spend five hours on an average travelling to work every day. Mumbai’s Metro Rail System extending towards Mumbai Metropolitan Region (MMR) will not only provide East-West connectivity

Sustainable tourism is responsible tourism

Tourism is a huge part of global culture nowadays and is also one of the biggest sources of revenue across the world. According to the World Travel and Tourism Council (WTTC), in 2019, the tourism industry contributed $8.9 trillion or 10.3% to the global GDP. The industry witnessed a massive lull in 2020 d

Fernandes: A Life as Legacy

The Life and Times of George Fernandes By Rahul Ramagundam Penguin/New India Foundation, 624 pages, Rs 799 Amer

India set to enter 5G era

After years of intense preparation, India is about to take the next step in information and communication technology. Prime Minister Narendra Modi will launch 5G services in India on October 1 and also inaugurate the 6th Edition of India Mobile Congress 2022 to be held till October 4, at Pragati Maidan, Ne

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter