Jaitley hails GST, demonetisation, says these will change India's economic environment

News Agencies | First published: 1 December 2016, 19:13 IST
Photo: PTI

Hailing the Goods and Services Tax (GST) and demonetisation moves as economic game changers, Union Finance Minister Arun Jaitley, 1 December, said that there is an atmosphere filled with enthusiasm as it is for the first time in the history of this country that an honest person is thinking that there are benefits of being honest.

Jaitley, who was speaking at the seminar on 'Indian Economy-The New Norm', said the GST will ensure higher taxation as far as the Centre is concerned and also higher taxation for states.

In the wake of the escalating Opposition attack on the government, he also rejected all apprehensions of the Indian economy suffering due to demonetisation.

"It is first time in the country that all honest citizens are feeling the advantage of being honest," Jaitley said.

"The effect of demonetisation will remain for one or two quarters, but its effect on the economy will be seen in the long-term," he added.

Praising Prime Minister Narendra Modi, the Finance Minister said it takes a lot of courage to implement such steps.

"Prime Minister Modi has created a new normal in the country where there will be less cash and more of digital currency transactions," he added.