Union Home Minister Rajnath Singh today lashed out at Congress saying the Opposition was trying to defame the Narendra Modi government. He hailed Demonetisation and Goods and Services Tax (GST) as strong economic measures. He was addressing the media in Shimla. Singh also asserted that foreign investments have been rising. Rejecting claims that the country’s economy was not strong enough, Singh said the scenario was such then no foreign investor would have come in India. Singh had earlier said that GST would be a game-changer. Himachal Pradesh is all set to go to polls with the incumbent Congress government coming under pressure from the Bharatiya Janata Party (BJP)
Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley yesterday said that excess cash in the economy has “its own cost” and India is gradually moving towards digital transactions. Prime Minister Narendra Modi had announced on November 8 last year the scrapping of old Rs 500 and Rs 1,000 notes as part of the government’s efforts to fight black money and corruption.
Following that, the Centre has been pushing for digital payments and transactions through the banking channel so as to promote a ‘less-cash’ economy. However, the opposition parties have criticised demonetisation and plan to observe November 8 as “black day” across the country. FM Jaitley said some people have a problem in accepting the fact that transactions through the digital mode and banking instruments are going to witness a rapid growth as compared to cash dealings.
Jaitley also said: “Excessive dependence on cash has its own cost. It is not just cost but there is a curse of cash. It has an impact on both society and economy.” He said there is a clear change taking place as to how India and Indians are spending money and the change is only in one direction.
It will not happen abruptly but the movement towards a less-cash economy is very clear, he said, adding that it will lead to more deposits with banks, increasing their lending ability at affordable rates. Banking is the lifeline of the economy and it will gain further importance in the coming days, he said.