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Thursday, Nov 14, 2019

Highlights: Arun Jaitley says demonetisation wasn’t synonymous with confiscation of money

India’s economic growth slid to a three-year low in the last quarter, prompting the Opposition to criticise the government for disrupting business activity through demonetisation.

india Updated: Sep 28, 2017 21:19 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Finance minister Arun Jaitley briefs the media after BJP's National Executive meeting in New Delhi on Monday.
Finance minister Arun Jaitley briefs the media after BJP's National Executive meeting in New Delhi on Monday. (PTI Photo)

Finance minister Arun Jaitley is speaking about the state of the Indian economy amid concerns triggered by the GDP growing at its slowest pace in three years.

Jaitley earlier met representatives of traders and exporters for feedback on issues facing them under the Goods and Services Tax regime. The industry bodies and exporters raised their concerns related to the GST, including timely refund of duties, with Jaitley.

The industry representatives also brought up compliance matters on which the finance minister invited suggestions to improve the GST implementation.

Here are highlights on Jaitley’s remarks at a book launch in New Delhi:

- When India is at 70, there are always attempts to change the narrative itself.

- When reckless lending took place, everyone was looking the other way. Harsh measures had to be taken. Were they too harsh?

- PSU capex this fiscal is Rs 3 lakh crore; FDI continues to be largest ever.

- Had announced this year,how do we legitimize political funding in India so underground funding itself comes to an end;now in final stages.

- Direct tax collections 15.4% greater than last year. So this so-called slowdown hasn’t impacted that.

- I never imagined for states we’ll reach break-even in first 2-3 months itself: Jaitley on GST’s rollout.

- Changing the old normal of black money and shadow economy was never the agenda of those who criticised demonetisation.

- Demonetisation wasn’t synonymous with confiscation of money.

- Demonetisation was to make sure that the anonymous tender which operated in market gets identified to its owner.

- We gave opportunity to people to come clean about their accounts held abroad.

- NDA moved away from policy paralysis.

- Root of political corruption in New Delhi was discretion. Discretions were used under UPA 2

- Fiscal prudence is not an easy job. I faced the biggest criticism on GST post demonetisation.

- India a blend of fast moving economy.