Marc Faber the author of the The Gloom, Boom & Doom Report on Tuesday said Union Budget 2017 was good with no negative shocks. In an interview with BTVi, Faber said that Modi government needs to knock on Swiss Bank doors for black money. He also said demonetisation idea was not particulary great but note ban will be moderately favourable for the economic growth. Speaking about his investments he said, “I have started investing in China. I like banks, lending companies and agriculture-focused companies in India.”
Finance Minister Arun Jaitley started his Budget speech with heaps of praise for the demonetisation and its effect to curb down the flow of black money in the state. The Finance Minister said that the digital economy was a very important part of the government’s strategy to wipe the system clean and weed out corruption and black money. “One of the biggest priorities of the government was to eliminate black money component from the economy. The government and the Ministry of Finance remained committed to making taxation rates more reasonable,” he said.
Examining the government’s recent demonetisation measure to combat black money, the Economic Survey for 2017 presented last week had said though India’s lower middle class and rural population may have been the worst hit by move, black money holders also suffered in the process. It also attempts to measure how much cash was being used as black money through the criterion called “soil rates”.
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Meanwhile, When asked about Donald Trump and his policies, Faber told the business news channel that Trump will alienate US from the world if he implements his policies.