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  • November 08, 2017

Arun Jaitley: Demonetisation a Watershed Moment for Indian Economy

On the anniversary of demonetisation, Finance Minister Jaitley said that it was a “morally and ethically correct” step and made corruption difficult. He was responding to the criticism of former PM Manmohan Singh who called it a “reckless” exercise”.
“All that Dr. Singh has to do is to compare the relative credibility of Indian economy internationally pre-2014 and post-2014”. Defending the note ban, Minister Jaitley further said that reform initiatives taken by the BJP-led government had raised India in the global economy, the measures preventing it from being knocked off the global radar and lifting it to a position where all international agencies have been praising the structural reforms.

In his blog, ‘A year after Demonetisation”, Minister Jaitley wrote that November 8, 2016 “signifies the resolve of this Government to cure the country from the ‘dreaded disease of black money’.”

“In the overall analysis, it would not be wrong to say that the country had moved to a much cleaner, transparent and honest financial system. One of the important objectives of demonetisation was to make India a less-cash economy and, thereby, reduce the flow of black money in the system. The reduction in currency in circulation from the base scenario reflects that this intended objective has been met.”

The Finance Minister said that the previous Congress governments never took any steps against black money. “The Congress’s main aim is to serve the family whereas BJP wants to serve the nation.”
 

 

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