Demonetisation, GST to create cleaner economy
GST
Dated:- 2-12-2016
New Delhi, Dec 2 (PTI) Finance Minister Arun Jaitley today said demonetisation may impact growth "for a quarter or so" but this disruption will not last too long and the move along with GST will help create a larger and cleaner economy.
"I have least doubt in my mind that (one year from now) you will have a bigger economy, higher GDP, cleaner GDP. You will have a higher tax base and more money in banks, and probably interest rates will be more reasonable. Therefore, all these collectively could contribute a lot as far as GDP is concerned," he said at the HT Leadership Summit.
Both the economy and social system will see a major transformat
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, it's certainly going to benefit."
Citing a few economic trends post demonetisation, the Minister said rabi sowing this season has been higher than last year, while auto sales were a mixed bag.
"Of course, you will have some disruption created because of the switchover, in the long run, advantages are going to be huge as far as the relative cost of disruption is concerned," Jaitley said.
Speaking about the various advantages of the demonetisation, the Finance Minister said, it could lead to reduction in interest rates.
"Rates will now hopefully at some stage come down. With more money in the taxation system, our base itself increases," he said.
As far as inflow from demonetisation is concerned, he said it
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