<p> A day after data showed India’s key infrastructure sectors growing at their fastest pace along with sustained acceleration in manufacturing, Finance Minister Arun Jaitley on Tuesday said demonetisation did not see a 2% dip in the economy nor did it induce any agrarian crisis as apprehended.<br /><br />“In fact, the whole debate surrounding demonetisation proved wrong. It isolated obsolete ideas,” Jaitley said at ICICI Bank’s Digital Village adoption programme.<br /><br />Jaitley said the economy also did not see any lack of demand due to demonetisation.His statement was supported by the just-released manufacturing PMI, which showed that the country’s manufacturing sector had witnessed robust growth for the fourth month in a row in April.<br /><br />One of the key arguments against demonetisation was that it would impact the economy by about two percentage points and derail job creation.<br /><br />But an industry report recently showed that India created 1,22,000 jobs in the October-December quarter of 2016, the period when demonetisation was at its peak.<br /><br />The Ecoscope report released by Motilal Oswal group, late last month, showed that employment generation in the third quarter (October-December) of 2016 was more than the previous six months (April-September) of the financial year 2016-17.<br /><br />Sectors such as manufacturing, construction, trade, transportation, hospitality, IT, education and health saw maximum jobs growth in the period. These sectors employ more than 80% of India’s population.<br /><br />Jaitley said the reforms under the Prime Minister Narendra Modi government have also laid to rest the debate on ‘whether economic reforms have a political cost’.<br /><br /><br /></p>
<p> A day after data showed India’s key infrastructure sectors growing at their fastest pace along with sustained acceleration in manufacturing, Finance Minister Arun Jaitley on Tuesday said demonetisation did not see a 2% dip in the economy nor did it induce any agrarian crisis as apprehended.<br /><br />“In fact, the whole debate surrounding demonetisation proved wrong. It isolated obsolete ideas,” Jaitley said at ICICI Bank’s Digital Village adoption programme.<br /><br />Jaitley said the economy also did not see any lack of demand due to demonetisation.His statement was supported by the just-released manufacturing PMI, which showed that the country’s manufacturing sector had witnessed robust growth for the fourth month in a row in April.<br /><br />One of the key arguments against demonetisation was that it would impact the economy by about two percentage points and derail job creation.<br /><br />But an industry report recently showed that India created 1,22,000 jobs in the October-December quarter of 2016, the period when demonetisation was at its peak.<br /><br />The Ecoscope report released by Motilal Oswal group, late last month, showed that employment generation in the third quarter (October-December) of 2016 was more than the previous six months (April-September) of the financial year 2016-17.<br /><br />Sectors such as manufacturing, construction, trade, transportation, hospitality, IT, education and health saw maximum jobs growth in the period. These sectors employ more than 80% of India’s population.<br /><br />Jaitley said the reforms under the Prime Minister Narendra Modi government have also laid to rest the debate on ‘whether economic reforms have a political cost’.<br /><br /><br /></p>
