Addressing the 89th Annual General Meeting of FICCI, Finance Minister Arun Jaitley defended the decision of Narendra Modi government to demonetise the old notes of Rs 500 and Rs 1000. Jaitley called it a courageous step and said that it was need of the hour. He further pointed out that the decision of demonetisation, which turned 86 per cent of cash in circulation into non-legal tender, proves that India has the capacity to take tough decision decision to revamp the its economic system.
Jaitley further added that in the past one year, the Narendra Modi government at Centre has taken significant amount of decisions to change the status quo prevailing in the Indian economy.
“Note ban is courageous step. Once the re-monetisation is completed, it would mark the new Indian normal, because the normal which prevailed for 70 years was unacceptable.
Jaitley further added that conscious efforts need to be taken to promote digital currency. “What happened in the past few weeks should be appreciated. The country is showing signs of transformation.”
Jaitley claimed that the government is taking all necessary steps to implement the Goods & Services Tax (GST) at the earliest. “Ideally, GST should start from Apr 1, 2017; constitutional necessity for it to come into force between April 1 and September 16. There are about 10 important decisions which have already been taken with consensus.”