Backing government’s move to ban higher denomination banknotes Finance Minister Arun Jaitley on Friday said that demonetisation will redefine the Indian new normal. Speaking during Indian Economic Conclave 2016 he also asserted that despite the global slowdown Indian economy has done well in terms of economic growth. “Indian economy has done well despite the sluggish global growth,” Jaitley said. FM was speaking on a day when the queues in front of banks and ATMs were still long as people looked to either get the newly-banned Rs 500 and Rs 1000 notes off their hands and to get the small denomination or the newly-released Rs 500 and Rs 2000 notes to buy the necessities for their families. Here is what Arun Jaitley said at the event:
1. Creation of jobs requires an amalgam of of manufacturing and informal sectors.
2. PM Narendra Modi’s demonetisation drive is one of the the major currency replacements in history and it will alter the face of Indian economy and its perception worldwide.
3. Demonetisation will change the way India governed
4. Some inconvenience will happen when a currency replacement takes place
5. What had become normal for India over the last 70 years was a parallel economy. Demonetisation now will redefine the new normal in India.
6. All honest men, as far as demonetisation is concerned, are of the view that there is no need for them to worry about the notes ban.
7. The nature of the reforms over the recent period has given India the ability to support economic stability