Govt reforms bringing desired results, note ban served purpose: Venkaiah Naidu

Defending PM Modi's note ban decision , the Vice President said the purpose of demonetisation has been achieved as the money that was kept under pillows and hidden in bathrooms has reached the bank

PTI
Updated18 Dec 2018
Prime Minister Narendra Modi had on November 8, 2016 announced that Rs 500 and Rs 1000 notes, which constituted 86 per cent of total currency in circulation, would cease to be legal tender with immediate effect. Photo: Mint
Prime Minister Narendra Modi had on November 8, 2016 announced that Rs 500 and Rs 1000 notes, which constituted 86 per cent of total currency in circulation, would cease to be legal tender with immediate effect. Photo: Mint

New Delhi: Vice President Venkaiah Naidu Sunday said the reforms like GST, law on black money and insolvency code started by the Modi government are bringing desired results and asserted that India has got a bright future.

Naidu further said that as more and more people are coming into the banking fold, the tax rate will come down.

Defending the Prime Minister’s controversial note ban decision of November 2016, the Vice President said the purpose of demonetisation has been achieved as the money that was kept under pillows and hidden in bathrooms has reached the banks.

“What was the purpose of demonetisation? The purpose was to bring entire money into the banking system, I think that much we have achieved,” he said while addressing ‘the Women Transforming India Awards 2018’, organised by Niti Aayog.

He also stressed that foreign investors are very happy about taxation reforms undertaken in India in the last four years.

Naidu said that “India has got a bright future. When the entire world economy is slowing down, the Indian economy is growing fast... reforms like Goods and Services Tax, Insolvency and Bankruptcy Code, and laws on black money and fugitive economic offenders that started in India are bringing desired results...,” he said.

He, however, said that how much money (recovered after demonetisation drive) is official and how much money is not official, it is for the RBI and tax department to determine.

Naidu said he envisions a new India where men and women have equal opportunities in writing a glorious new chapter in India’s development story.

Noting that India is one of the fastest growing startup ecosystems in the world, he said If women are given ample opportunities, they can excel better than men.

Naidu pointed out that women contribute only 17 per cent of the India’s GDP as compared to 41 per cent in China.

He further said that women entrepreneurs tend to face unequal challenges compared to their male counterparts.

Observing that Indian women have had record of excelling in several fields in the past as well, Naidu stressed on the urgent need to make education available to all women in the society.

On the occasion, Niti Aayog CEO Amitabh Kant said India needs to create more avenues for employment for women.

Also participating in the event, tennis star Sania Mirza said women need to believe in themselves that they can shatter glass ceilings.

“Believe in your dream, it might be a little difficult but it’s certainly not impossible,” she said.

This story has been published from a wire agency feed without modifications to the text.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeindustrybankingGovt reforms bringing desired results, note ban served purpose: Venkaiah Naidu

Most Active Stocks

Ashok Leyland

210.55
10:29 AM | 24 MAY 2024
-1.85 (-0.87%)

Bharat Electronics

297.10
10:28 AM | 24 MAY 2024
8.7 (3.02%)

GAIL India

204.40
10:29 AM | 24 MAY 2024
3.95 (1.97%)

Tata Steel

174.80
10:29 AM | 24 MAY 2024
-0.65 (-0.37%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Inox Wind

164.20
10:21 AM | 24 MAY 2024
13.25 (8.78%)

BHARAT DYNAMICS ORD

1,527.50
10:22 AM | 24 MAY 2024
120.8 (8.59%)

Amara Raja Energy & Mobility

1,209.10
10:17 AM | 24 MAY 2024
94.85 (8.51%)

Vodafone Idea

15.11
10:29 AM | 24 MAY 2024
1.06 (7.54%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,252.00-1,249.00
    Chennai
    74,333.0050.00
    Delhi
    73,685.00-889.00
    Kolkata
    73,901.00-454.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumFor youGet App