Finance Minister Arun Jaitley, pointing to a large number of structural reforms taken in the last few years, has expressed hope that India’s economic growth will turn around and improve this year, highlighting significant advantages of the demoentisation move which was announced last year.
Jaitley said that the government was aware about the fact that demonetization would cause a cash crunch in India but had envisaged long-term advantages and pointed that the noteban has led to a great and a substantial movement towards digitisation of the economy. He also expects a substantial increase in the tax base on the back of noteban.
Further the FM said that with the upcoming the Goods and Services Tax (GST) and forecast of a good monsoon this year, the county’s growth would increase. The finance minister said that the important challenge is with regard to a private sector investment, however hoping that the problem of the Indian banking system will be addressed over the next one year or so and if it happens, India will again pick up significant growth.