Finance Minister Arun Jaitley today said NDA government has restored the credibility of the economy. Briefing media on the achievements of his Ministry in the last three years, the Finance Minister said the Narendra Modi led government has shown decisiveness and ability to take difficult decisions.
He said his Ministry took several initiatives to reduce scope for corruption and discretion in governance.
Speaking on demonetisation, Mr Jaitley said greater movement towards digitisation, and increase in tax payers base are some of the benefits of the move. He said demonetisation has brought a new normal in the economy. He said there was some slow down visible even prior to demonetisation.
Mr Jaitley also said that 7 to 8 per cent GDP growth is fairly reasonable level of growth and very good by global standards. He pointed out that last three years were challenging for entire world on economic front and monsoon was also bad. He said there was was slowdown in policy reforms and structural changes in India three years ago. He said the system which NDA government inherited was weak in terms of credibility mainly due to corruption and indecisiveness.
The Minsiter said GST will usher in a revolution in taxation administration. He said it is like a tax cut which will reduce inflation and stimulate consumption.
