Demonetisation and similar financial policies gift several benefits, asserts FM

Nearly a couple of days after former Finance Minister Yashwant Sinha expressing serious doubt about the state of Indian economy, the present Finance Minister, Arun Jaitley, has come up with some statistic data to state that the country’s economy is still one of the fast-growing economies in the world.

While speaking at the meeting convened by the Consultative Committee of the Financial Ministry, Mr Jaitley has enumerated the government’s achievements in the financial sector, with the assistance of the statistics data, in order to back his argument that none of the government policies, including the demonetisation of the highest denomination banknotes of Rs 500 and Rs 1000, adversely affected the Indian economy.

In his speech, there have been comments about the efforts taken to enact the black money act, the contributions of Enforcement Directorate, Central Bureau of Investigation and the Income Tax Department, and the special initiatives taken to encourage people to come under the tax system.

The Financial Minister has asserted that the direct tax collection has risen to 15.7 per cent in this quarter.

The minister has also informed the committee that the government has inked deals with nearly 148 countries to collaborate on the exchange of details on tax-related issues.

Is it a satisfactory approach?

Vignesh. S. G

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