Demonetisation Process Is Almost Complete: Arun Jaitley

Posted By: Religare
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Finance Minister Arun Jaitley said that the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world.

    Demonetisation Process Is Almost Complete: Arun Jaitley

    Describing the government's decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a "new normal" in India, the minister told an audience of students and academics at the prestigious London School of Economics that it would ultimately lead to far higher growth rates.

    "We have almost completed the demonetisation process and it has been the smoothest possible replacement of currency anywhere in the world," said Jaitley, the Union Minister for Finance and Corporate Affairs.

    "Demonetisation was a move to change the Indian normal...a new normal had to be created. A predominantly cash economy has now to be substituted with a digital economy, which will bring more money into the banking system and lead to better revenue generation; the integration of the informal economy with the more formal one is now taking place.

    "The post-demonetisation regime is actually going to generate a far bigger GDP in the long run," he said, adding that any arguments in favour of the "virtues of a cash economy" were "absolutely trivial".

    Speaking on the subject of 'Transforming India: Vision for the Next Decade', the minister said India was standing "at a point of history" where the country as a whole becoming "more and more aspirational".

    "The global economy continues to face its own challenges. Any slow growth in the world impacts us also...But 7-8 per cent growth rate is the new Indian norm and if we get the support of the global economy, that figure has a scope of shooting up," he said.

    Read more about: arun jaitley demonetization
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more