TIL Desk/Business/Mumbai- In the next few months Rs 1000 notes will also be brought in with a new dimension and design, says Shaktikanta Das, Economic Affairs Secretary. Prime Minister Narendra Modi’s announcement to demonetise Rs 500 and Rs1,000 notes currently in use has caused a panic among the public. Finance minister Arun Jaitley holds a press conference on the demonetisation. Highlights…
> Initial challenge was we had to reestablish the credibility of a decision making process as long as Indian economy was concerned.
> For any government to function, the leadership is provided by PM and PMO and then different ministries have to act in accordance.
> Decisiveness is the hallmark of this government. Government is not scared to take risks.
> Despite decisiveness we have endeared our best to take as many decisions as possible through a large consensus.
> One decision was that there were sectors that needed to be opened up for economic growth.
> Making sure that state subsidies reach people and therefore rationalised, has been discussed. We implemented that.
> It has led to lot of savings, we are still in the process of executing our taxation changes.
> A lot is to be covered as far as GST is concerned.
> The recent decision of the government to cancel 500,1000 rupee notes, we are trying to ensure that at the requisite replacement is available with people. There is no need to rush in initial days.
