India’s Finance Minister Arun Jaitley has said that series of reforms like demonetisation and the GST, initiated by the Modi government has put the Indian economy on a far more stronger track.
Addressing the students of the Columbia University in New York, Mr. Jaitley said, these are structural changes and have put the Indian economy on a far more sound track so that we can look forward for a much cleaner much bigger Indian economy in the days and years to come.
Mr. Jaitley, who is on a week-long visit to the US to attend the annual meetings of the IMF and World Bank, said, consistent steps have been taken to formalise and expand the more formal economy as far as India is concern and for that one after the other steps are taken against shadow economy.
Referring to the series of economic reforms that India has undertaken since 1991, Jaitley said the Indian model now seems to be emerging.
Mr Jaitley said there is a consensus on reforms in India. He said the government convinced people that domestic investment is grossly inadequate.
Finance Minister Arun Jaitley has said that secrecy was essential for demonetisation. Finance Minister, said that Prime Minister Narendra Modi and his team, Reserve Bank of India and Finance ministry were involved in the process and kept it as a closely guarded secret. He said, the decision of scrapping of old 500 and 1000 rupees notes had popular support from all the section of society and not a single incident of unrest was reported due to Demonetisation.
Speaking about Goods and Services Tax, GST, the Minister said that it was the smoothest possible transition from one tax regime to another. Mr Jaitley said, under the GST the government has unveiled attractive schemes to ensure that the non-compliant in India become compliant. He said, GST did throw up challenges.
Mr Jaitley informed that the first two months data has shown that almost 95 per cent of the tax is being paid by only four lakh assessees.