The move against Black Money by the government called for sacrifices of many. Indeed, these sacrifices need a mention and Mr. Arun Jaitley thanks people for supporting Demonetisation in his speech today at New Delhi.
Now that 50 days of the project against Black Money and Corruption have ended, the Finance Minister has come up with the benefits of the same. He said that RBI has a large currency now as a result of large part of currency replaced during Demonetisation. This will eventully lead to increase in ability of the banks to lend money.
He mentioned that direct tax mop-up has risen 14.4 per cent, indirect tax grows 26.2 per cent; central excise up 43.3 per cent and that Customs rose 6 per cent till December 19. This has ultimately lead the Life Insurance Business go up and also increase in petroleum consumption. Even tourism and investments in mutual funds have increased.
Direct tax has increased by 13.6 per cent. As compared to the last year, the Rabi crop sowing has increased by 6.3 per cent. He added that Demonetisation could have affected GDP adversely but it is not as bad as predicted.
The move which had innumerable critiques has benefited in various streams as accorded by Mr. Jaitley. What is awaited are these benefits to reach the common man soon.