Amit Shah on DeMon

BJP chief Amit Shah strongly emphasised the beneficial effects of demonetisation despite a fresh debate over the RBI report that 99% of the currency scrapped was deposited with banks.
He said the formal economy will grow and black money scrutinised and taxed.

Shah defended the Modi government's economic policies and said measures such as cleaning of the books of banks, tackling non-performing assets and transparent auction of resources such as coal and spectrum are laying the foundation for inclusive and sustainable growth.

Speaking at a special session organised by industry chamber FICCI, Shah said the government has acted to ensure social sector benefits are adequately distributed to the poor and leakages in subsidy ­­ rampant during the previous Congress-led UPA regime ­­ are plugged.

He said not much should be read in the recent weak quarterly (April-June) GDP numbers of 5.7%, and said the economy is poised for a strong showing in the long-run on account of various reforms and other socially-relevant measures that will benefit the poor and the country at large. Demonetisation, he said, has helped tackle black money and force it into the formal economy.

“There have been many debates on this, especially after the release of numbers by the RBI. I strongly believe that due to demonetisation, there will be a growth in formal economy. You need to accept that. Wherever the money was, now it is a part of the formal economy. Income tax officials will try and fix accountability for some of this money. However, money that was hidden in lockers and stashed illegally will now be used for the country's economic growth,“ he said.

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