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ASEAN summit: PM Modi says demonetisation, aadhaar card helped formalising large part of economy

PM Modi also highlighted the roll-out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, as a part of policies initiated to bring transparency in the financial sector.

By: Express Web Desk | Updated: November 13, 2017 8:57 pm
Narendra Modi, ASEAN summit, Modi in ASEAN summit, Modi donald trump, Modi in Manila, modi on demonetisation, modi on aadhaar card, Manila summit, indian express, latest news India Prime Minister Narendra Modi waves upon arrival to address ASEAN Business Investment (ABIS) Summit during the 31st Association of Southeast Asian Nations in metro Manila, Philippines November 13, 2017. REUTERS/Czar Dancel

Hailing his government policies like demonetisation and aadhaar card linking, Prime Minister Narendra Modi on Monday said that these along with other reform measures have resulted in the formalisation of a big part of the Indian economy.

Addressing the ASEAN business forum in Manila, Modi said, “We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high-value notes has resulted in formalising a large part of our economy.” He also added that the number of taxpayers who filed the returns have surged and that India is moving towards being a cash-less economy as suggested by the number of digital transactions taking place in the country.

The prime minister highlighted the roll-out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, as a part of policies initiated to bring transparency in the financial sector. He also said that his efforts are directed towards making India a more transparent nation and ensure that everything in the country matches the global standards. “We are working day and night towards easy, effective and transparent governance,” he said.

Read | In Manila, PM Modi urges his countrymen to work hard to ensure 21st century belongs to India. Click here

Talking about the ease of doing business in India, the prime minister said that his government has repealed over 1000 outdated laws that created difficulties for the investors. Inviting the businessmen to come and invest in India, Modi said that major sectors in the country are open for foreign investment. “We are now a globally integrated economy.”

SEE PICS |  ASEAN summit: PM Modi meets world leaders at gala dinner in Manila, shakes hand with Donald Trump 

Referring to the Act East policy of the government he said, “We have exceptionally good political and people-to-people relations with each and every country in the ASEAN region. We wish to bring our economic and business relations up to the same level.”

(With inputs from PTI)

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  1. S
    sahil
    Nov 14, 2017 at 3:12 am
    jhandelwalan's man cant stop lying and campaigning for elections even when he is attending international foreign policy summits
    (2)(0)
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    1. I
      Insaan
      Nov 14, 2017 at 1:58 am
      In my mother tongue, Punjabi, there is a proverb my father once told me, ਆਬ ਆਬ ਕਰ ਮੋਇਓ ਬੱਚਾ ਫ਼ਾਰਸੀਆਂ ਘਰ ਗਾਲ਼ੇ, ਜੇ ਕਰ ਬੱਚਾ ਪਾਣੀ ਮੰਗਦਾ ਭਰ ਭਰ ਦਿੰਦੀ ਪ੍ਯਾਲੇ, meaning आब आब (Water in Persian) चिल्लाते बच्चा प्यासा मर गया, माँ कहती है यदि वह पानी मांगता तो मैं उसे भर भर प्याले देती! That is what happens when a person adopts a foreign language and forsakes his own mother tongue. Here I see people, including the Copy and Paste Brigade, posting irresponsible and malicious comments in English language not knowing or thinking what exactly they are saying. They are only hurting those who will benefit from progressive and innovative policies and programs of the nationalist government led by Prime Minister Narendra Modi. The ultimate question I would have the skeptics to ask is: how much more Modi ji can hurt the already beleaguered country? We can see amazing things happening if we all work and make him succeed!
      (0)(6)
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      1. M
        manikantan
        Nov 13, 2017 at 10:03 pm
        Feku started faking even in international forums
        (3)(0)
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        1. I
          Insaan
          Nov 14, 2017 at 2:00 am
          तुम कौन हो? जयचंद या बगुला-भक्त? जयचंद हो तो तुझे शर्म आनी चाहिए कि तुम कांग्रेसियों ने पहले ही इतना गंद फैलाया हुआ था कि तुम और गंद फैलाने आ गए हो| अगर बगुला-भक्त हो तो जाओ चुल्लू-भर पानी में दूब मरो क्योंकि अवसरवादी अरविन्द केजरीवाल की आड़ में राष्ट्र-विरोधी तत्व युगपुरुष मोदी जी द्वारा विकास उन्मुख कार्यों में बाधा बने देश को फिर से में ले जाना चाहते हैं| जयचंद हो या बगुला-भक्त, कॉपी और पेस्ट कर्मचारी|, तुम पर शर्म आती है| कभी सोचा है कि तुम जैसे लोगों की स्वेच्छापूर्ण मिलीभगत के कारण मुट्ठी भर फिरंगियों ने अधिकांश भारतीय उप महाद्वीप को अधिकृत कर लिया था?
          (0)(5)
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        2. Devadoss Eswar
          Nov 13, 2017 at 9:06 pm
          LIAR OF THE FIRST ORDER, CAN WE SAY ? WHO HAS THESE DOUBKLE WHAMMIES HELPED IN INDIA IS KNOWN TO EVERYBODY BY NOW ! AND, HE IS GOING TO SEE FOR HIMSELF , HOW THE SUPPRESSED ANGER OF THE PUBLIC , WHOM HE TOOK FOR GRANTED AS HE LIKED AFTER 2014 , WILL BURN HIS PARTY IN THE COMING ELECTIONS ! AT LEAST IN SUCH GLOBAL FORUMS, THE IMAGE OF INDIA SHOULD NOT BE DISTORTED WITH HALF BAKED MESSAGES !!!
          (5)(1)
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          1. T
            Truth
            Nov 13, 2017 at 8:55 pm
            Feku,,,,the world doesn’t see you through the DumBhakts’ eyes 😎😎😎
            (5)(1)
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