Jaitley: Reforms made economy transparent

Tribune News Service

New Delhi, November 16

Finance Minister Arun Jaitley has said three key structural reforms implemented by the present government—Aadhaar, demonetisation and GST— have brought transparency and efficiency in governance and helped in transition from cash to the less-cash economy and from informal to the formal economy.

Jaitley, who is on two-day visit to Singapore, said demonetisation had also helped in bringing-out black money by giving identity to anonymous cash.

The minister said to provide further impetus to the economy, the government had implemented a slew of economic reforms, including GST, introduction of Insolvency and Bankruptcy Code and recapitalisation package for the public sector banks which will help redress the twin balance sheet problem and revive private investment. He said India has become a most favourable and attractive destination for Foreign Direct Investment.

Meanwhile, Subhash Chandra Garg, Secretary, Department of Economic Affairs, had a comprehensive bilateral meeting with Tan Ching Yee, Permanent Secretary, Ministry of Finance, Government of Singapore. They discussed issues relating to Singapore’s concerns on the Double Tax Avoidance Agreement, Singapore-India Comprehensive Economic Cooperation Agreement, possibility of mutual co-operation in financial innovation, fintech and digital payment ecosystem.