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Demonetisation to boost growth in long run: FM

The minister said that the Indian economy in the long term is headed for a “very major change”.

Published: 08th December 2016 01:03 AM  |   Last Updated: 08th December 2016 06:43 AM   |  A+A-

Demonetisation

Demonetisation

By Express News Service

NEW DELHI:Addressing domestic and global investors in the petrochemical industry, Finance Minister Arun Jaitley on Wednesday said though the transitory pain of demonetisation was regrettable, the move would boost growth in the long run.

The minister said that the Indian economy in the long term is headed for a “very major change” and policy makers in India do not shy away, even from taking very difficult decisions.
“When you are on a cusp of history and you look at the long-term impact of these steps which are going to be taken, I think India is going is become a society in the long term with a certainly better GDP, cleaner ethics and a cleaner economy,” said Jaitley.

In a bid to defuse opposition protests over the implementation of demonetisation, Jaitley also pointed out that Prime Minister Narendra Modi has ‘broad shoulders’ to face the consequences of the move. “PM had an option of doing what many others have done. There was an easier option but he chose the harder one,” Jaitley added.

Counting the benefits of demonetisation, Jaitley  said that in these two-three months India will move completely digital.
“What we will end up achieving is to lay down this new normal,” he added.



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