BJP president Amit Shah leaves for break during the 2nd Conclave of North-East Democratic Alliance in New Delhi. (Photographer: Kamal Singh/PTI) 

Demonetisation Augmented Formal Economy, Says Amit Shah

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New India Vision

Shah said the Modi government is taking decisions keeping the long-term needs of India in mind.

We want to go beyond reforms to transformation. 
Amit Shah, National President, BJP

Building Brand India

Modi changed the perception about India and boosted India’s brand by changing the scale of aspirations, said Shah. The BJP president added that it was the responsibility of industry bodies like FICCI to work to publicize the work done by the government and help improve the perception about India.

Bad Loan Battle

Hiding NPAs or balance sheet jugglery will not benefit anyone, said Shah speaking about the bad loan crisis facing Indian banks.

  • Cleaning up bank balance sheets is of utmost importance.
  • The problems being faced by corporate India will be temporary.
  • No political leader has done more to deal with bad loans than Narendra Modi.
  • Benefits of the bad loan battle will be visible in the next 5-10 years.
If there is an NPA, it is an NPA. By not showing or juggling with balancesheets will not solve any problem. We will find a solution to the problem. We will sit with industry, banks and states to find the solution. But there was no point hiding it. 
Amit Shah, National President, BJP
I believe cleaning banks’ balancesheets has been the greatest achievement of Modi government.  

Benefits Of Demonetisation

Formal economy has been boosted by demonetisation, the BJP president said. The number of taxpayers has risen to 6.4 crore from 3.7 crore three years ago.

“We haven’t taken decisions keeping any vote bank in mind. We risked politcal setbacks to take decisions to improve India’s economy. And demonetisation is the best example of one such decision. A lot can be argued after RBI released the data. But I truly believe that formal economy has grown due to demonetisation. The money has come back into the system. Income tax officials will continue with their efforts. But the money which was lying in the lockers, safes and warehouses is being used for the welfare of the country.”

Constant Monitoring

Shah said the ‘Pragati’ programme, where the Prime Minister interacts with state chief secretaries, has been instrumental in fast-tracking project approvals and speeding up execution of key initiatives.