Video Editor: Abhishek Sharma
On the second anniversary of demonetisation, the BJP and Congress trained guns at each other.
Finance Minister Arun Jaitley pointed towards the impact of demonetisation on the tax systems, digitisation and formalisation of the economy. Former Finance Minister P Chidambaram, meanwhile, implied that the consequences of demonetisation has costed the BJP all the bypolls since 2016.
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Jaitley said, for the first time in history, India would be the fastest growing economy in the world for the fifth year running.
“Of course, there is a long distance that we have to cover and I’m certain that in the coming year, the advantage of these movements in the right direction will strengthen the Indian economy,” he added.
Calling demonetisation the “most ingeniously designed official money laundering scheme” of the Modi govt, former finance minister P Chidambaram said it did not render any currency note worthless.
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Jaitley also said that direct tax collections in the two years prior to demonetisation had risen by 6.6 percent and 9 percent, and in the two years post-demonetisation rose by 14.6 percent and 18 percent with increases registered both in personal income tax and corporate tax.
Chidambaram also said that demonetisation did not put an end to fake currency or to the generation or use of black money and the consequences of the move have been catastrophic.
Vikas Vs Hindutva
Jaitley added that formalisation of the economy will lead to more revenue and more resources for the poor, better infrastructure and a better quality of life for the citizens.
Chidambaram attacked the Modi government for no longer talking about ‘acche din’ or ‘vikas’, rather focussing on Hindutva, statues and temple visits.