Aadhar, Demonetisation, and GST brought transparency and efficiency in Governance: Arun Jaitley

Singapore, November 16: To reaffirm the strategic partnership and improving the economic ties the Finance Minister of India Arun Jaitley discussed the opportunities with the Prime Minister of Singapore, Lee Hsien Loong. While, Jaitley is on a two-day visit of Singapore, where he addressed the Singapore Fintech Festival in which he discussed the growth, financial inclusion, structural reforms, innovation, and digitization is transforming India and unleash opportunities. 

In Key Note Address at Singapore Fintech Festival Jaitley said that three key structural reforms implemented by present Government in recent years viz. Aadhar, Demonetisation, and GST have brought transparency and efficiency in Governance, in the transition from cash to less cash economy. Demonetisation has also helped in bringing-out black money by giving identity to anonymous cash. He also spoke on India’s growing economy; stable currency, liberalization of FDI policies & India’s attractiveness as a global destination for Start-ups.

He further added that Aadhaar revolution coupled with Financial Inclusion & its potential applications in transferring of Pension, Scholarship, and Government subsidies directly to account of actual beneficiaries under DBT Scheme is transforming the payment landscape in India.

Delivering the Introductory Address at the Investors Roundtable Meet the minister said that, India has become most favorable and attractive destination for Foreign Direct Investment (FDI) evidenced by the fact that it has become one of the largest recipients of FDI in the world. To provide further impetus to the economy, the present Government has implemented a slew of economic reforms in last three years.

He further added that the roll-out of the Game Changing Tax Reform, Goods and Services Tax (GST) from 1st July 2017, the introduction of Insolvency and Bankruptcy Code (IBC) and the Re-Capitalization Package for the Public Sector Banks (PSBs) among others. Recapitalization Package of Public Sector Banks (PSBs) will help to redress the twin balance sheet problem and revive private investment.

The Finance Minister highlighted the Ease of Doing Business measures initiated by the present Government in last three years resulting in India jumping in World Bank’s Ease of Doing Business Index from 146 in 2014 to 100 in October 2017.