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

A walk down the rich history of Ayurveda

The Indic Quotient: Reclaiming Heritage through Cultural Enterprise By Kaninika Mishra Bloomsbury India, 230 pages, Rs. 499    Over the past decade, India has seen a significant rise in passion for enterprise as well as pride in her

Is China gearing up for prolonged conflict with India?

International observers will keenly watch the Chinese Communist Party Central Committee meeting next month. The central committee is the highest organ of the CCP with a mandate to execute the decision of the National Congress which is convened once every five years.   Besides economy, r

TRP-driven model bred irresponsibility: Sudhir Chaudhary

News profession is organic in nature, requires responsibility and discipline, and there is no room for mistake. To maintain high standards of accuracy you need discipline and hygiene in the newsroom. Sudhir Chaudhary, editor in chief of Zee News, Zee Business and Wion, has said that a TRP-driven business m

This Mumbai NGO empowers children with skills

When Dharmendra Pandey, a fruit-seller had to leave Mumbai after the imposition of the lockdown during the Covid-19 pandemic, and return to his village in Uttar Pradesh, he was staring at economic uncertainties ahead. Little did he know that his 16-year-old son, Mahavir, had acquired skills that would come

Masks: Awareness: near-total, compliance: half-way

Wearing a face mask is the first line of defence against the novel coronavirus, along with maintaining social distance and frequently washing hands with soap. More than six months after the outbreak of Covid-19, nearly 90 percent of people in India have become aware of the necessity of wearing a face mask,

Covid-19: Daily recoveries cross 1 lakh mark, new cases far fewer

Is India finally gaining an upper hand over the Covid-19 pandemic? After weeks of new cases hitting 90,000-plus every day, the tide seems to be turning, as the number came down to 75,083 on Tuesday, and the recoveries were not only higher than that but crossed the 1 lakh mark too. The countr

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter