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

Remdesivir procured at high prices to save lives: BMC

Countering the opposition BJP’s allegations of corruption in the procurement of Remdesivir, a critical anti-viral injection often prescribed for Covid-19 patients, the BrihanMumbai municipal corporation (BMC) has clarified that its decision to procure the drug was aimed at saving  lives even if

“Not appropriate to postpone Class XII CBSE exams”

Criticizing the postponement of the CBSE Class XII exams in the wake of the second Covid -19 wave across the country, Nupur Sharma, BJP national spokesperson, has said the decision will jeopardize the future of students. Despite the pandemic she said no college or university will be ready to give them prov

Govt announces strategic collaboration to empower Atal Tinkering Lab schools

Atal Innovation Mission, NITI Aayog and All India Council for Technical Education (AICTE), and Ministry of Education’s Innovation Cell has announced their strategic collaboration which aims to empower Atal Tinkering Lab school (ATLs) students for world-class future-ready

Agriculture Min signs MoU with Microsoft to develop smart interface for farmers

Union Ministry of Agriculture and Microsoft India has inked a Memorandum of Understanding (MoU) for a pilot project in 100 villages of six states to develop farmer interface for smart and well-organized agriculture, including post-harvest management and distribution. The pilot

NIXI inaugurates new initiatives to improve IPV6 adoption

Ajay Prakash Sawhney, Secretary Ministry of Electronics & Information Technology (MeitY) & Chairman NIXI has inaugurated three initiatives of the National Internet Exchange of India (NIXI). With this launch, NIXI has announced to play a supporting role for the IPv6 aw

India’s Second Wave crosses 2-lakh milestone

The Second Wave in India seems unstoppable. The number of daily new cases crossed the 2,00,000 figure on Thursday morning, which is the highest ever anywhere in the world. Most of the burden – 81 percent cases – is from ten states with Maharashtra continuing to lead the tally. The national capi

Visionary talk series with Nupur Sharma, National Spokesperson, BJP



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter