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

Remove unauthorized constructions without pressure: Thackeray to BMC

Maharashtra chief minister Uddhav Thackeray has instructed the Mumbai civic authorities to take immediate action on unauthorized constructions on war footing. In a virtual meeting held on Wednesday, Thackeray said no illegal construction will be tolerated in Mumbai and called upon the BMC to

Covid norms relaxed; Mumbai restaurants, shops to remain open longer

After extending timings of shops and restaurants as well as the reopening of cinema halls and theatres under specified SOPs from October 22, in view of the festive cheer, the Maharashtra government has allowed restaurants and eateries to remain open till 12AM and shops and establishments to function till 1

Global Hunger Index data collection flawed: Arvind Panagariya

Rubbishing the recently released Global Hunger Index 2021, wherein India has slipped to 101 position to be placed below Pakistan, Nepal and Bangladesh, Arvind Panagariya, professor of economics at Columbia University and former vice chairman, NITI Aayog, has said that data collection and methodologies used

‘Blue Zones’ concept of healthy living and its relevance in India

A long life span free from diseases and disability, the so-called healthy aging, has been a matter of prime interest to humanity. It is widely held that the life expectancy is a function of interplay between various genetic and environmental factors. There is scientific evidence to support the fact that on

Motilal Nehru too had petitioned for release of his son: Vikram Sampath

Defence minister Rajnath Singh’s statement, that Mahatma Gandhi had asked V.D. Savarkar to file a mercy petition before the British, has ignited a debate. Vikram Sampath, a historian and author of a recent biography of Savarkar, says two weeks after Jawaharlal Nehru was lodged in Nabha jail, his

Gati Shakti: The National Master Plan

The launch of the Gati Shakti master plan will be a booster dose for India growth story. The plan, as the name indicates, will ensure Gati, i.e., speed and Shakti, i.e., empowerment to the ₹1 trillion national infrastructure pipeline. The plan will break inter-ministerial silos. For examp

Visionary Talk with Dr Arvind Panagariya, Professor, Columbia University & Former VC, NITI Aayog



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter