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Black money retrieved post note ban being used to benefit people: Amit Shah

Shah said number of total direct tax payers had doubled in the last three years from 37 mn to 64 mn

Press Trust of India  |  New Delhi 

Amit Shah
Amit Shah

chief Amit Shah on Saturday said ha the led to expansion of formal economy and brought into the government's treasury which is being used for people's benefit.

With inviting fresh criticism from opposition parties after RBI figures disclosed that over 99 per cent of banned notes were deposited with banks, Shah told a meeting that the note ban was an example of the hard decisions the had taken to boost the economy.


"I definitely believe that the formal economy has increased due to Money lying at various places is now part of the economy," he said, adding that this does not link policy decisions with vote bank.

Shah said the number of total direct tax payers had doubled in the last three years from 37 million to 64 million and the opening of 300 million new bank accounts expanded the formal economy and linked every body with it.


He also asked the business community to "encash" the "Brand India" built by the globally and claimed that the NDA dispensation's most significant contribution was that it had transformed the "scale of thinking".

Industrial sector should use this opportunity to expand globally, he said, mentioning African countries as having immense investment potential.

The Modi was focusing on long-term goals rather than short-term gains, he said, adding that direct benefit transfers now reach 36 crore people from 8.5 crore in 2014 and saved over Rs 59,000 crore in subsidies. Earlier, this money would have disappeared due to corruption, he said

He also played down the dip in the rate to 5.7 per cent in the last quarter, saying it was due to some "technical reasons" and added it had gone up to 7.1 per cent after falling to 4.7 per cent in 13-14 when the UPA was in power.


Shah also touched upon the issue of banks' non-performing assets, seen as a drag on the economy, saying the Modi had inherited these bad loans and none of them happened during its tenure.

It was a very "courageous move" of the Modi dispensation to ask banks to bring to their books, Shah said.

"The issue is looked politically. But I want to make it very clear that none of these loans which turned were offered during our Opposition targets us saying so many accounts have turned into But not a single account is from our time. We have inherited it," he said, adding that hiding a disease does not treat it.

The Union along with states had taken over 7,000 decisions to increase the ease of doing business, he said.

"Some critics of our claim that development has stalled but I would like to tell them not to look at statistics but travel around to find development," Shah said.

Against the daily construction of 69 km of rural roads earlier, the figure is now 133 km and while rail tracks are being laid at the rate of 7.9 km against the earlier 4.3 km, he said.

The rail sector had attracted twice the investment in the last two years compared to five preceding years.

Over 200,000 km of optical fibre had been laid under this while the figure was only 358 km earlier, he said.

While it used to take 600 days for new projects to get environment and forest clearance, now it takes only 100 days and the period would be reduced further, he said.

Under the UPA, the GDP was 4.7 per cent, the current account deficit rose to 5 per cent and there was double-digit inflation while the in its 10-year rule was riddled with scams and hit by policy paralysis, Shah said.

"In the last three years, there has been decisive and focused approach to policy making," he said.

As many as seven crore people have benefited from the MUDRA scheme, turning from job seekers to job creators, he said.

The Modi has changed the way GDP is looked at as it is not only limited to production, services and infrastructure but also includes improving overall quality of life and social capital.

Giving poor LPG connections, bringing electricity to every household, linking everybody with bank accounts and building new toilets also help the GDP grow, he said.

"I can say with full confidence that the Indian economy's future is very beautiful and nobody can stop India from becoming the fastest growing economy," he said.

The GST would lead to equitable development among states, he said, adding that it was lopsided earlier with western states progressing while the eastern region lagged behind, Shah said.

He told the business community that under previous tax structure, there were 17 different taxes, but now under the GST, there is 'one country, one tax' and they can avail full input tax credit.

The country has become surplus in coal production and power supply, he said, citing e-auction of mines as a government's success.

All the decisions taken by the are part of a well-thought out strategy to give the country a stable policy for next 30 years and it was taking gradual steps towards that goal, he said.

"None of the policy decisions should be evaluated in isolation but should be seen as an integrated long term scheme of things," he said.

Shah said that the historic Land Boundary Agreement with Bangladesh has opened up the entire eastern belt for trade and business which will boost growth in the Northeast region that has been neglected for the last 70 years.

The president also advised and similar business bodies to invest in research and development and create their own intellectual property rights so that the "wealth created remains within the country". He specifically made reference to the pharma industry.

"must rethink the role it has played since Independence and play active part in promoting sectors where India is currently dependent on significant imports resulting into depletion of precious foreign exchange," he said.

First Published: Sat, September 09 2017. 17:54 IST
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