Needed to shake system, says Arun Jaitley on demonetisation anniversary

08 Novembre, 2018, 19:16 | Auteur: Auguste Feret
  • Two years after demonetisation Economic misadventures can roil nation for a long time writes Manmohan Singh

In a press statement, Singh has referred to the exercise as ill-fated and ill-thought.

As the opposition targeted the Prime Minister Narendra Modi-led government on the move, Jaitley described demonetisation as "a key step in a chain of important decisions taken by the government to formalise the economy".

Mumbai: On the second anniversary of demonetisation, Finance Minister Arun Jaitley said the decision never aimed to confiscate currency but to get it into the formal economy and make the holders pay tax. "Notebandi impacted every single person, regardless of age, gender, religion, occupation or creed", the noted economist added.

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He added that the scars and wounds of demonetisation are only getting more visible with time.

He wrote, "Beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of notebandi are still unraveling". "By the time the first five years of this Government are over, we will be close to doubling the (tax) assessee base", he said, attributing the sharp increase to the notes ban decision. Apart from that, the impact of Demonetisation has been felt on the collection of personal income tax and its collections were higher in Financial Year 2018-19 (till 31-10-2018) compared to the previous year by 20.2%, the finance minister said. I urge the government to restore certainty and visibility in economic policies. With a depreciating currency and rising global oil prices, macro-economic headwinds are also starting to blow now.

"It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets", Singh said. Today is a day to remember how economic misadventures can roil the nation for a long time and understand that economic policymaking should be handled with thought and care.

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