Connect with us

Politics

Jaitley takes a dig at Opposition, says ‘prophets of doom’ proved wrong on noteban

Published

on

CBI; Jaitley

New Delhi | Hitting back at the Opposition for criticising demonetisation, Finance Minister Arun Jaitley on Thursday said the “prophets of doom” have been “conclusively proved wrong” with India retaining its position as the fastest growing economy for the fifth year in a row.

Many opposition leaders have been critical of the Prime Minister Narendra Modi’s move to demonetise high-value currency notes two years ago.

Responding to note ban critics, Jaitley said demonetisation has strengthened the economy and increased the government resources to fund poverty alleviation and infrastructure development programmes.

“What has happened to ‘prophets of doom’ who said India’s GDP will decline by at least 2 per cent. For the fifth year running, India will be the fastest growing (large) economy in the world. It is continuing to happen. So prophets of doom have been proved wrong and conclusively proved wrong,” he told reporters here.

Earlier, Jaitley in a Facebook post said demonetisation has helped in formalising the economy, expanding tax base and earmarking more resources for the poor.

On the controversial noteban decision, former Prime Minister Manmohan Singh said “scars and wounds” caused by demonetisation are getting more visible with time and second anniversary is a day to remember how “economic misadventures” could roil the nation.

Describing demonetisation as an “ill-fated” and “ill-thought” exercise, he said the havoc it unleashed on the Indian economy and society is now evident to everyone.

The senior Congress leader had earlier said that demonetisation would shave off 2 per cent economic growth rate.

Among other opposition leaders, Aam Aadmi Party (AAP) convener and Delhi Chief Minister Arvind Kejriwal also questioned the rationale behind the Modi government’s note ban move and termed it as “a self-inflicted deep wound” on the Indian economy.

Joining the chorus, West Bengal Chief Minister Mamata Banerjee alleged that the demonetisation move was initiated for the benefit of a handful of people, saying the common men were the worst sufferers.

Congress’s spokesperson Anand Sharma, at a press conference, also alleged that demonetisation was “a big money laundering project”.

The Modi government on November 8, 2016, demonetised high-value currency notes of old 500 and 1000 rupee notes, constituting 86 per cent of the currency in circulation.

Defending the demonetisation drive, Jaitley said, “Even when there was global stress, we still manage to have respectable growth rates and we had the courage because of leadership of the Prime Minister… we took decisive steps and these steps which are not economically correct have helped the system in the long run, and the long run, in this case, does not mean generations,” he said.

The finance minister said that demonetisation has favourably impacted the tax system, digitisation and formalisation of the India economy.

“Of course, there is a long distance we still have to cover and I am certain in the coming years the advantage of these movements in the right direction will strengthen the India economy,” he said.

Giving details of impact of demonetisation, Jaitley said the number of income tax return filers has gone up to 6.86 crore from 3.8 crore in May 2014.

“By the time the first five years of this government are over, we will be close to doubling the assessee base, he said.

He further said with the implementation of the goods and services tax (GST), it is now becoming increasingly difficult to evade the tax system and the indirect tax to gross domestic product (GDP) ratio has gone up to 5.4 per cent post-GST, from 4.4 per cent in 2014-15.

On the criticism that almost the entire cash money got deposited in the banks post demonetisation, Jaitley said confiscation of currency was not an objective of demonetisation.

“Getting it into the formal economy and making the holders pay tax was the broader objective. The system required to be shaken in order to make India move from cash to digital transactions. This would obviously have an impact on higher tax revenue and a higher tax base,” Jaitley said.

Politics

Aim of opposition’s alliance is to form secular govt: Abhishek Singhvi

Published

on

By

Congress

Kolkata | Senior Congress leader Abhishek Manu Singhvi on Saturday hailed TMC’s mega opposition rally here and said the aim of the rainbow opposition alliance is to defeat the BJP and form a secular government.

“The cloud is dispappearing and rainbow will emerge soon with the fall of Modi Government and fulfil people’s expectation,” Singhvi said at the mammoth gathering at the Brigade Parade Grounds, where leaders of more than 14 parties, except the BJD and the CPI(M)-led Left Front, spoke at the united opposition rally.

“Never before have we seen such vendetta politics as now … When Amit Shah did 100 rallies in Uttar Pradesh, no one questioned, but when RJD organised a rally it got an income tax notice,” he said.

Congress is an ally of the Lalu Prasad’s RJD in the ‘Mahagathbandhan’ (Grand Alliance) in Bihar. Accusing the Centre of indulging in “cheap politics”, the Congress leader said the biggest beneficiary of vote division is BJP.

“Narendra Modi makes fun of the opposition alliance, but his party made the most unethical alliance in Kashmir. What will he say about it?” Singhvi asked.

Continue Reading

Politics

BSP-SP alliance a mismatch, its leaders unreliable: Shivpal Yadav

Published

on

By

Shivpal Yadav

Ballia (UP) | Terming the BSP-SP alliance as a “mismatch”, former Samajwadi Party (SP) leader Shivpal Yadav on Saturday alleged that the leaders of the two parties were unreliable as they both had betrayed Mulayam Singh Yadav.

Shivpal Yadav, who has floated Pragatisheel Samajwadi Party (PSP) after parting ways with the SP, hit out at his nephew and SP chief Akhilesh Yadav, alleging that he had deceived not only his father Mulayam Singh Yadav but also the Congress party.

“The BSP-SP alliance is a mismatch… their leaders Mayawati and Akhilesh Yadav are unreliable as they have betrayed the SP patron Mulayam Singh Yadav,” Shivpal Singh Yadav, who was here to attend a function in Sahatwar, told reporters. “After forming the government with the Samajwadi Party in 1993, the BSP had betrayed Mulayam Singh in merely 17 months ,” Shivpal Yadav said recalling her association with the BJP in the past.

On Akhilesh Yadav, he said that the SP president not only betrayed his father but also the Congress with which he fought the last Assembly polls in UP by going ahead and entering into an alliance with the BSP, leaving the Congress out.

He claimed, “backbiters and sycophants have brought the party to a situation where senior leaders are parting ways with it”. He accused SP Rajya Sabha member Ram Gopal Yadav of damaging the party and blamed him for the SP’s defeat in Lok Sabha and Assembly elections.

Continue Reading

Politics

Opposition’s rally a summit of conflicting ideologies, will form next govt: BJP

Published

on

By

BJP

New Delhi | The BJP on Saturday described the united opposition rally organised by TMC supremo Mamata Banerjee “a rally of self interest and of conflicting ideologies”, and exuded confidence of forming the next government in the country.

Speaking at a press conference at the party office here, BJP’s national spokesperson Rajiv Pratap Rudy termed the rally an anti-Modi exercise and said the party was not threatened by such events.

Banerjee on Saturday organised ‘United India’ rally against the Narendra Modi government in Kolkata, which was attended by more than a dozen leaders of opposition parties, including SP chief Akhilesh Yadav, NCP president Sharad Pawar, TDP leader, Andhra Pradesh Chief Minister Chandrababu Naidu and Karnataka Chief Minister HD Kumaraswamy and BJP MP Shatrughan Sinha.

“Don’t know where the threat to unity is. While Mamata calls it United India, we can clearly see a divided leadership. It’s a summit of contradictions and conflict. They talk of a new front but I am not sure if it’s even the second or the third front,” Rudy said.

He further said this rally has also exposed divisions in the opposition camp, “many of these parties are just snubbing each other.”  “Left has refused their invitation. SP-BSP alliance snubbed Congress in UP which has now extended support to the rally. This is a rally of self-interest,” he said.

People have seen the performance of the Narendra Modi government and the BJP will form the next government with full majority, Rudy said. “Today’s opposition rally in Kolkata is an anti-Modi exercise. Who is their leader,” he asked.

On the question of BJP MP Shatrughan Sinha attending the opposition rally, he said BJP will take cognisance of it and said,”They make it a point to be present after party issues whip so that they don’t lose their membership. At the same time they are so opportunistic that they want to climb the stage and be present at a conclave.”

Continue Reading
Advertisement

Live TV – 24×7

Headlines

Popular Stories

Copyright © 2018 Theo Connect Pvt. Ltd.