Demonetisation substantially impacted Q3 GDP data, led to currency squeeze, says Arun Jaitley

Finance Minister Arun Jaitley on Wednesday said that Narendra Modi government’s demonetisation substantially impacted third quarter and he admitted that the cash ban move had led to a squeeze of currency.

Here is what all FM Jaitley said:

#Q3 GDP data substantially impacted by demonetisation: Finance Minister Arun Jaitley

#GDP number belies exaggerated claim by many that rural sector was in distress; agri growth at record high

#Remonetisation up substantially, its combination with economic resilience has shown some signs of return of growth

#Indian economic growth is likely to pick up further in coming quarters, says Jaitley

#Both the government & private sector investors in the UK are extremely buoyant as far as India is concerned

#Therefore I do expect that in the future quarters this figure itself will grow further

#I think a combination of remonetisation, resilience of Indian economy & some sign of growth returning back to world are evident

#Third quarter was substantially impacted by Demonetisation, demonetisation admittedly had led to a squeeze of currency