Demonetisation impact transient: Arun Jaitley

FM Arun Jaitley says the demonetised economy will lead to the higher taxes and increased revenues of the government

GN Bureau | February 1, 2017


#Universal Basic Income   #Demonetisation   #Narendra Modi   #Arun Jaitley   #Budget 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.
 

Comments

 

Other News

A great literary feast (that could’ve been even more sumptuous)

A Case of Indian Marvels: Dazzling Stories from the Country’s Finest Writers Edited by David Davidar Aleph, 390 pages, Rs 999 Change is the only constant, and India has always been doing so. Yet, after independence, if there was a year when the p

Govt e-Marketplace sellers report more business

“My volume of business has increased ever since I registered on GeM (Government e-Marketplace) in 2017. Earlier, I could supply items only in the vicinity of my shop in Fort area and only within Mumbai. Now, I ship my products all over the country! I have tied up with India Post and three private cou

How the Hindi Newspaper Business Changed

The Journey of Hindi Language Journalism in India: From Raj to Swaraj and Beyond By Mrinal Pande Orient BlackSwan, 188 pages, Rs 1,195.00 In India, the English-language media is considered the ‘national media’, while the language press

More reforms in telecom sector in offing: Ashwini Vaishnaw

The telecom sector in the country will witness more reforms in the coming years, minister for communications, electronics & IT and railways Ashwini Vaishnaw has said. He also asserted that the industry too will have to do its bit and reciprocate by improving quality of service significantly.

Left-wing extremism: challenges and response

Left-wing extremism is in existence right from India’s independence, but it became prominent in 1967 under the name of Naxalism. The nomenclature of this movement has changed from time to time and place to place depending upon the leadership. Before 2014 more than 15 states were facing this problem w

Agri Min organises events ahead of International Year of Millets 2023

A series of pre-launch events and initiatives have been organised by the Department of Agriculture and Farmers Welfare on the MyGov platform in the run-up to the International Year of Millets 2023 to create awareness and a sense of participation in the country  around the ancient and forgotten golden

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