Arun Jaitley: Opposition devoted to cash dominated economy

Arun Jaitley: Opposition devoted to cash dominated economy

Arun Jaitley: Opposition devoted to cash dominated economy

In a bid to counter the opposition campaign, the BJP will celebrate November 8, the day high value currencies were demonetised previous year, as "Anti-Black Money Day" across the country.

"Dear Mr Jaitley, May the Farce be with you", Gandhi tweeted. When the NDA government came to power (May 2014), Prime Minister Narendra Modi took steps to minimise and end it.

Jaitley also hit out at the Congress over its plans to observe the day because the demonetisation decision was "ill conceived".

"It would be apt if they observed it as anti-people BJP policies day", he told reporters. Stressing on the need to increase public investment, the Finance Minister said that the public sector banks have an adequate lending capacity after demonetization. "If morality is still a virtue in India s polity, then it is time for Prime Minister Modi to introspect and demit the office he holds", Sharma and Surjewala said.

Arun Jaitley further said the capital infusion would be accompanied by series of banking reforms which would be spelled out in the next few months.

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In a stimulus package aimed to boost flagging economic growth, create jobs and increase credit flow, the cabinet on Tuesday approved a Rs2.11 trillion recapitalisation plan for state-run banks and massive road infrastructure investment of almost Rs7 trillion over five years. He claimed jobs are in peril, exports are falling, GDP is on a downward spiral, NPA's have touched a whopping Rs 9 lakh crore and credit growth is at a 63-year "The BJP is so drunk with power that it wants to celebrate the "Demon of Demonetisation'", the joint statement said".

According to Jaitley the move is aimed at highlighting anti graft steps taken by the federal government.

The government has no plan to put the economy back on track, he added.

Jaitley had proclaimed that India's macro-economic fundamentals are very strong and reeled out economic indicators to support government contention that GDP growth slowdown has bottomed out and economy is turning around.

"China is growing at 6.9 per cent".

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