Budget 2017: 'New normal' created by note ban to help economy

New Delhi: Finance Minister Arun Jaitley while presenting the Union Budget 2017 on Wednesday in Parliament  said that GDP would be bigger, cleaner and real’  as Demonetisation seeks to create a new normal. 

He said the demonetisation drive was an exercise as part of his government’s resolve to eliminate corruption, black money, counterfeit currency and terror funding.

“Like all reforms, this measure is obviously disruptive as it seeks to change the retrograde status-quo,” he said, while all BJP leaders, including Prime Minister Narendra Modi thumped their desks.

“Demonetisation has a strong potential to generate long term benefits in terms of reduced corruption, greater digitisation of our economy, increased flow of financial savings and greater formalisation of our economy. All of it would eventually lead to higher GDP growth and tax revenues,” Jaitley said during the packed budget session.

“Demonetisation helps to transfer resources from tax evaders to the government. It enables a huge shift towards digitisation amongst all sections of the society,” he added.

Seeking to douse all fears surrounding the government’s decision to demonetise big notes, Jaitley assured the nation that the demonetisation effect will not spill to next year.