December 7, 2016 7:44 PM

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Economic changes in any country can never happen overnight: Jaitley

Finance Minister Arun Jaitley today said that economic changes in any country can never happen overnight but road-map and agenda for it has to be created. <br/><br/>Addressing the valedictory ceremony of Petrotech 2016 in New Delhi this evening, Mr Jaitley said, earlier it was perceived that just by providing a few favours to the affluent changes can be brought in the country's economy. <br/><br/>He said, now with change in the mindset of policy makers Indian Economy in long term is headed for a very major change. He said that the most remarkable factor in the last two and a half years, since the NDA Government took over in the centre is the emergence of an aspirational India.<br/><br/>Praising Prime Minister Narendra Modi for implementation of the demonetisation step, Mr Jaitley said, the Prime Minister had the courage to face the consequences of the decision. Speaking further on the note ban decision, Mr Jaitley said, the decision was very tough in terms of transition but had been factored in.<br/><br/>He said, the Prime Minister could have chosen an easier way and looked the other way, but he chose the harder way. He said, demonetisation disrupted 7-decade normal of society looking the other way to corruption and black money.<br/><br/>The Finance Minister said, demonetisation will bring positive results and which will have long term advantages in the country. He said, the country is going to become a society in the long term with a better Gross Domestic Product and with more money flowing into the banking system. He said, India was counted among fragile five countries just two and half years back with high inflation, Current Account Deficit, Fiscal Deficit and policy paralysis. <br/><br/>The Minister said, clarity on economic reform roadmap has made India a bright spot in global economy.<br/><br/>On GST, Mr Jaitley said, the Centre is hoping issue of cross-empowerment will be resolved and GST will be implemented from 1st of April next year as scheduled. He said, most issues regarding GST have been sorted out and only one major issue is pending and it is expected to be resolved in near future.

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