At the mega Republic Media Network’s ‘India Economic Summit’, S Gurumurthy, Editor Tughlak, Chairman Vivekanand International Foundation and Economist, said that without the demonetisation in India, the Goods and Services Tax (GST) would not have worked.
The Modi government in 2016 had demonetised Rs 1000 and Rs 500 bank notes which the Prime Minister had said was necessary to fulfil four objectives of checking terror-funding by Pakistan, black money, the printing of counterfeit currency and corruption. The GST was introduced on July 1, 2017.
Addressing a keynote address at the Republic Economic Summit, Gurumurthy said, “Many people criticised demonetisation at that time and even continue to criticise it but demonetisation is what made India’s informal economy formal. Today, the State bank of India has come out with a report that the informal economy in India shrunk. It was almost 52 percent, it has shrunk to 15 to…
