Demonetisation has brought in a new normal; GST a new revolution, says FM Arun Jaitley

The system that we inherited was weak in terms of credibility mainly due to corruption and indecisiveness, Arun Jaitley said.

NEW DELHI: Aimed at removing the parallel or shadow economy, the demonetisation drive taken up by the government in November 2016 had three distinct benefits, Finance Minister Arun Jaitley said here on Thursday. "There were three distinct benefits from demonetisation. Firstly, there is greater movement towards digitisation, tax payers' base has increased and a message has gone loud and clear that it is no longer safe to deal in cash," the Minister said while addressing media on completion of three years of the BJP-led NDA. He added that all these steps are towards 'Operation Clean Money'. The minister further said some slowdown was visible even prior to demonetisation of Rs 500 and 1000 currency notes announced by the government on November 8 last year. "Seven-eight per cent growth is fairly reasonable level of growth and very good by global standard and reasonable by Indian standard," Jaitley said Important Points

• We have restored the credibility of the economy, says Arun Jaitely
• Resolving NPAs, encouraging private sector investment major challenges before govt
• Leveraged market mechanisms to bring benefits to the deserving
• GST will usher in a revolution in taxation administration
• Demonetisation has brought in a new normal
• The system that we inherited was weak in terms of credibility mainly due to corruption and indecisiveness
• We have shown decisiveness, even the ability to take difficult decisions
• Some slowdown visible even prior to demonetisation: FM Arun Jaitley responding to a media query
• Government is in full preparedness for rolling out of GST
• 7%-8% GDP growth fairly reasonable level of growth & very good by global standards
• Cumulative factors responsible for decline in GDP in Q4 of 2016-17: Jaitley on impact of demonetisation on growth

(With inputs from agencies)