Note ban to lower growth in 2016-17: Assocham
Banning of high value notes would lower growth rate due to economic slowdown in the third and fourth quarters of…
Union Finance Minister Arun Jaitley on Saturday said that the government has taken a courageous step on demonetisation and there will be long-term benefits if we bear the short-term inconveniences.
“Long-term benefits are very clear even if we have to bear short-term inconveniences,” Jaitley said, adding, “the remonetisation will not take very long time and RBI will be able to complete it very soon”.
“India has the capacity to take decision on demonetisation, it’s no longer a fragile economy,” he added.
Talking about global economic factors, Jaitley said, “The world is moving at a much slower pace than earlier but important for nations to determine their own course”.
“India is taking bold decision, when world is looking inwards,” he added.
According to Jaitley, “Three years ago, India’s economy was regarded as fragile. Today India is one of the fastest growing economies in world.”
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