Finance Minister Arun Jaitley increased inflow in all of the financial products including mutual funds, insurance, IPOs after the reformatory demonetisation step of the government. On the sidelines of the event at SBI, the minister pushes digitalization and makes a call that is an integral part in economic planning.
"All the anonymous cash floating in the system is now slowly becoming a greater part of the formal economy," said the minister.
He said that prior to demonetisation the pace of digitalization was slow and instead post the event, individuals were discouraged to conduct huge cash transactions and also were pushed to alter their spending pattern, as a result digitalization in financial products gained ground.
During the calendar year, a huge three-fold increase has been registered in inflows in equity mutual funds. Though in the similar time period a slow investment in foreign institutional and other investors have been registered.
Also, the crack down on black money has more than doubled the number of new tax filers in the country to 5.6 million by the August 5 deadline.