Finance Minister Arun Jaitley Wednesday stressed that India needs bold decisions and that time has come to clean up the table. In his address at the Vibrant Gujarat Summit in Gandhinagar, he said excessive paper currency has its own vices and leads to its own temptations.
Demonetisation “is going to have an impact over the course of our present and future lives,” said Jaitley. “Difficult decisions initially pass through difficult phases. Historic decisions have temporary pain attached to them.”
“After transient impact, demonetisation will lead to cleaner and larger GDP,” the finance minister added.
With regard to the Goods and Services Tax (GST), he said while most of the issues have been resolved, there are a few critical issues that still need to be addressed. He added that the impact of both GST and demonetisation will be felt this year.
