Demonetisation, GST to eventually benefit India, says Arun Jaitley
Union Finance Minister Arun Jaitley has said the demonetisation of 500 and 1000 rupee notes and proposed Goods and Services Tax (GST) will eventually benefit India.
While addressing the Make in Odisha Conclave in Bhubaneswar on Thursday evening, Jaitley said India is the fastest growing major economy of the world and there is no doubt that the growth process will also continue this year.
The Finance Minister said, hardships faced by the people after demonetisation will last only for one or two quarters, but its effect on the Indian economy will be long-term. If more and more transactions and payments get digitalised, the taxation base will increase and people will get the benefit of a cleaner economy, he stated.
As far as GST is concerned, Jaitley said, the entire country will become one big market.
Odisha’s largest ever business summit, ‘Make in Odisha Conclave’ attracted investment worth over 22 thousand crore rupees or 3.2 billion dollar on its second day. Leading business groups including the Adanis, Tatas, Hindalco and ITC announced fresh investment plans in the state.
The Make in Odisha is expected to play an important role in achieving the Centre’s target to increase contribution of the manufacturing sector from current 16 per cent to 25 per cent to the GDP by 2025.http://www.goinews.com/2016/12/02/demonetisation-gst-eventually-benefit-india-says-arun-jaitley/BusinessArun Jaitley,DeMonetisation,GST,Investment,Make in Odisha Conclave,Odisha,Union Finance Minister