Demonetisation helped formalising large part of economy: Modi

MANILA: The demonetisation of high value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister Narendra Modi said here today.

In an address at an ASEAN business forum, Modi also highlighting rolling out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, besides the linking of Aadhaar database with financial transactions as part of broader policy initiatives to bring transparency in the financial sector.

“We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high value notes has resulted in formalising a large part of our economy,” Modi said.

The Prime Minister’s comments on demonetisation assume significance as all major opposition parties have attacked on the move, alleging that it had severely damaged the Indian economy.

Modi also talked about repealing of 1200 outdated laws in the last three years and simplification of procedure for investors to do business in India.

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