Finance Minister Arun Jaitley spoke on the state of Indian economy at Vibrant Gujarat Summit.
Finance Minister Arun Jaitley at Vibrant Gujarat Summit at Gujarat's capital city, Gandhinagar. The four-day investor Summit, which happens to be India's biggest, started in Gujarat on Tuesday. Yesterday at the same summit, Prime Minister Narendra Modi told a gathering of business leaders that India is the sixth largest manufacturing nation in the world and is on verge of becoming the world's most digitized economy. The Vibrant Gujarat 2017 Summit comes two months after the government's decision to abolish 500 and 1,000-rupee notes. The move, meant as an attempt to root out corruption and stop terror financing, has also generated a slowdown in certain sectors.
Here are the highlights of Arun Jaitley's address: - Since 1996, we had been repeatedly negotiating and renegotiating treaties with countries, which in effect was not solving the circulation of undeclared money. In the past few years we have re-written these treaties in a way that this will stop such a flow of untaxed money.
- Indian economy got opened up significantly.
- While this was happening, it became clear India has become aspirational.
- The GST will also help merge all this and make India one common marketplace. It will lead to better and hassle-free goods and services. It will free many bottlenecks.
- Once GST is rolled out Indian economy will be cleaner, stronger
- Our economy will be much better, bigger and cleaner and India will be a highly successful economy.
- Indian Economy has opened up, India is back on global radar
- Difficult decisions initially pass through difficult phases
- Excessive currency has its own temptations; seen its impact