FM Arun Jaitley says the demonetised economy will lead to the higher taxes and increased revenues of the government
GN Bureau | February 1, 2017
Finance minister Arun Jaitley today invoked Mahatama Gandhi to justify the hardships faced by common people due to Narendra Modi Government’s decision of demonetisation of Rs 1,000 and Rs 500 currency notes. “Right cause never fails,” he quoted the father of the nation while referring to this in his budget speech.
READ | Demonetisation: Fifty days and still shaking
He said the demonetisation was a ‘bold and decisive economic move’ by the government to combat tax evasion, which had become a way of life and created a parallel economy. He, however, said the impact of demonetisation was ‘transient’ and every care was taken to make sure it does not spill into the new-year.
A demonetised economy, he said, would not only improve the GDP and lead to the higher taxes and increased revenues of the government. This would eventually lead to decreased cost of borrowings and increased economic activity.
At the outset, for those who are not familiar with the nomenclature ‘Hindu Rate of Growth’, it refers to the low economic growth in post-independent India till the 1990s, when several economic liberalisation measures were undertaken. Till the 1990s, the growth rate was around 4%, which accelera
As India faces increasing threats from China and Pakistan on sea, Vice Admiral Ajendra Bahadur Singh, Flag Officer Commanding-in-chief (FOC-in-C), Western Naval Command, has said that the Indian Navy needs to scale up its capabilities and have more budgets allocated. Speaking to members of t
In view of the emerging threat of the new coronavirus variant, Omicron, the BrihanMumbai municipal corporation (BMC) Saturday issued strict guidelines for surveillance of all international travellers arriving in the metro and especially those from ‘at risk’ nations. Outlining SO
A day after the union health secretary wrote to it that its order on SOPs for air travellers was in divergence with guidelines issued by the MoHFW, GoI in view of the Omicron threat, the Maharashtra government on Thursday revised its guidelines for passengers arriving in the state. Issuing
With the threat of Omicron, the new variant of the coronavirus, looming large, the union health ministry has written to the Maharashtra government to align orders issued by the state with the ministry’s guidelines for uniform implementation. The state government in its order dated Nove
To ensure bigger access to farm produce and provide new markets with quick transportation and subsidy at 50%, the Kisan Rail has been bringing prosperity, joy, and hope to farmers of Maharashtra. On November 28, the Central Railway ran its 800th trip of Kisan Rail from Sangola to Muzaffarpur.