Pitching for speedy movement towards digitisation of the economy, Union minister of state for finance and corporate affairs Arjun Ram Meghwal has said that digital initiative undertaken by the government was essential to curb the black market. Noting post-demonetisation of high-value currency notes, he said that the country has rapidly moved towards digitisation which has helped keep a check on the shadow economy. He also explained that the move will result in growth of consumption, investments and export and as a result Indian economy will also grow.
Meghwal has stated that in the country, 22-26 percent is shadow economy that is illegal economic activities like black market transactions and undeclared income existing alongside the official economy. He also noted that this is a large percentage and it is not good for a nation and added that as and when shadow economy is constrained the GDP of the country will grow.
The minister observed that 2017 would be known in history as the year of economic reforms on account of various government initiatives, including implementation of goods and services tax (GST) regime. Adding further, he said that in this year they have made various changes to budget such as merging the railways with Union budget and passed the finance bill before March 31 for the first time.