Union Finance Minister Arun Jaitley today said that the government is taking one step after another to bring in more transparency in the economy which shook the system. He added that for the last 70 years Indian democracy has been funded by “invisible money,” as per IANS. Jaitley, while delivering the inaugural address at the Delhi Economics Conclave 2017, also hit out at the businessmen and politicians who took “benami” route by using shell companies through multi layering of companies to make black money. He also criticised the Election Commission of India (EC) by saying that it had failed to keep a stringent check on political funding, and added that the political system should be more transparent, reported the agency. “When we deal with the subject of how the political system will be funded, we hope through cleaner money in future. We are actively working on this,” Jaitley said.
The finance minister said each decision taken by the government will not only have a long term impact but also has a significant rationale behind it. Jaitley added that demonetisation coupled with the implementation of Goods and Services Tax (GST) regime will help towards the objective by creating greater compliance and increasing digitisation.
Jaitley said digitisation and cash are the two important topics that have been conventionally over looked in India and praised Chief Economic Adviser Arvind Subramanian for choosing the two subject for discussion. He further said that the two subjects were “overlooked for the fact that we have almost reconciled to an Indian normal. Indian normal was that there was a very large amount of non-tax compliance.” “Huge amount of transaction which used to take place outside the system and there was almost a helplessness in dealing with the system, ” he added.