Arun Jaitley terms GST, currency change to be game changers for economy

Rejecting apprehensions that the Indian economy would suffer due to demonetisation, Finance Minister Arun Jaitley on Thursday termed as “game changers” the pulling out of high-value old notes as well as Goods and Services Tax, which is proposed to be rolled out from April 1.

“I do believe that both (GST and demonetisation) will be game changers. This is because GST will ensure higher taxation as far as the Centre is concerned and also higher taxation for states. It is an efficient system. It blocks leakages. It will certainly help the consuming states like Odisha,” he said.

Jaitley was speaking at the “Make in Odisha” conclave here. On the hue and cry over the demonetisation exercise, he said: “As far as currency changes are concerned, once the demonetisation process is completed and the economy gets back to full stream, the size of the GDP will significantly expand, tax base will expand.”

He added, “More money will come to the banks which will be used fruitfully for the betterment of the economy.”