Finance Minister Arun Jaitley on Friday said that the disruption that has been caused by demonetisation will not last long, reported The Indian Express. “You may see the impact for a quarter or so. Then when you look at next 12-15 quarters, it’s certainly going to benefit [the economy].” He further said in the long run, advantages are going to be huge.
Jaitley also claimed that the Goods and Services Tax and demonetisation will together be game changers for the Indian economy. “India is likely to continue to be the fastest growing major economy in the world, as it was last year.”
Jaitley said black money was a norm in India for seven decades, but now demonetisation will become the “new normal”, reported Business Standard. He also said that people have been cooperating immensely since demonetisation has been implemented and the country, by and large, has welcomed this decision. “I don’t find any social unrest. The queues are disciplined,” he added.
The finance minister also said one of the advantages of demonetisation is that the amount of paper currency will decrease, reported The Times of India.
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