Union Finance Minister Arun Jaitley has said three key structural reforms — Aadhaar, Demonetisation and GST — have enhanced transparency and helped in transition from cash to less cash economy. Jaitley made this comment before a gathering of investors while highlighting various achievements like ease of doing business ranking by the World Bank.
“The three key structural reforms implemented by the present government in recent years viz Aadhaar, Demonetisation and GST have brought transparency and efficiency in governance and helped in transition from cash to less cash economy and from informal to formal economy,” he said in address to investors here on Wednesday.
To provide further impetus to the economy, the present government has implemented a slew of economic reforms one after the other, including the roll out of the game changing tax reform Goods and Services Tax (GST) from July 1, 2017; introduction of Insolvency and Bankruptcy Code (IBC) and the re-capitalisation package for the banks, he said.Recapitalisation will help to redress the twin balance sheet problem and revive private investment, he added.
The finance minister also spoke about the major initiatives undertaken by the present government, including crackdown against black money through demonetisation and other follow-up measures, and major changes in the Foreign Direct Investment (FDI) Policy regime with an aim to make it more liberal and investor friendly. Various initiatives taken by the present government in the last three years resulted in India jumping in World Bank’s “Ease of Doing Business” Index from 142 in 2014 to 100 in October 2017, he added.
Jaitley, who is on two-day visit, met the CEO and Senior officials of sovereign wealth fund of Singapore GIC and discussed investment opportunities across multiple sectors in India, including National Investment and Infrastructure (NIIF).
Accompanying Economic Affairs Secretary S C Garg had a bilateral meeting with Tan Ching Yee, Permanent Secretary, Ministry of Finance, Government of Singapore and discussed issues relating to the Host country’s concerns on the matters of Double Tax Avoidance Agreement (DTAA). During an investors’ conference, Garg responded to a number of questions relating to Double Tax Avoidance Agreement (DTAA) with Singapore, currency stability, fiscal deficit, India’s sovereign rating, supply chain and issues on power sector, among others.