Press Esc to close

'Demonetisation has punctured shadow economy, won polls'

NEW DELHI, March 21, 2017, DHNS: 0:12 IST
Minister of State for Finance Arjun Ram Meghwal. PTI file photo

Minister of State for Finance Arjun Ram Meghwal. PTI file photo

Demonetisation has laid shadow economy to rest and has got huge support from people, which was reflected in the recent state Assembly elections, Minister of State for Finance Arjun Ram Meghwal said in the Lok Sabha on Monday.

During the debate on Supplementary Demand for Grants for 2016-17, Meghwal said consumption, investment and exports, the three components of GDP will slowly see a rising trend, which the critics said has been hurt by demonetisation.

“Demonetisation will reduce the rich-poor divide. It has dealt a heavy blow to the shadow economy, which was 33.7% of Indian economy as per the World Bank report. The positive impact is going to be higher GDP growth as consumption, investment and exports, which are three components of the economy, will get a boost,” Meghwal said.

Meghwal also rejected the opposition’s criticism that the several measures taken by the government were mere slogans and have not really helped the economy in the real sense, saying they were not merely slogans but actual work done on the ground.

“Were ‘Digital India’, ‘Swachh Bharat’, ‘Make in India’, ‘Stand-Up India’ mere slogans? No, due to these, India has achieved the desired growth path,” he said. The Lok Sabha later passed the Supplementary Demand for Grants for 2016-17 and Demand for Grants for 2017-18 of various ministries.

Supplementary Demand for Grants is a constitutional obligation and this batch included additional allocation of Rs 3,500 crore for Price Stabilisation Fund, Rs 3,252 crore for implementation of One-Rank, One-Pension among others, Meghwal said.

Go to Top

More from this section
Most trending stories
Photo Gallery
An employee walks past a poster of the upcoming Bollywood movie 'Padmavati' outside a theatre...

An employee walks past a poster of the upcoming Bollywood movie 'Padmavati' outside a theatre...

Smoke billowing from a building after a leather goods manufacturing unit caught fire in Kolkata...

Smoke billowing from a building after a leather goods manufacturing unit caught fire in Kolkata...

India's Shashi Chopra (Blue) is declared winner against Namuun Monkhor of Mongolia...

India's Shashi Chopra (Blue) is declared winner against Namuun Monkhor of Mongolia...

Members of the NDRF and officials conducting a tsunami mock drill in Puducherry on Friday...

Members of the NDRF and officials conducting a tsunami mock drill in Puducherry on Friday...

Congress vice-president Rahul Gandhi addressing a rally in Porbanbar, Gujarat...

Congress vice-president Rahul Gandhi addressing a rally in Porbanbar, Gujarat...

A view of the Taj Mahal Palace hotel which was a target during the 26/11 terror attack...

A view of the Taj Mahal Palace hotel which was a target during the 26/11 terror attack...

Derailed coaches of Vasco Da Gama-Patna express train near Manikpur railway station in Manikpur...

Derailed coaches of Vasco Da Gama-Patna express train near Manikpur railway station in Manikpur...

Vendors sell fish at a fish market in Kolkata, India...

Vendors sell fish at a fish market in Kolkata, India...

A worker applies colour to strings which will be used to fly kites, by a roadside in Ahmedabad...

A worker applies colour to strings which will be used to fly kites, by a roadside in Ahmedabad...

A girl collecting fallen Chinar leaves at a Mughal Garden on the out skirts of Srinagar...

A girl collecting fallen Chinar leaves at a Mughal Garden on the out skirts of Srinagar...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.