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Note ban, unique ID system, GST helped to formalise India's economy: Modi

In an address at an ASEAN business forum, Modi highlighted GST rollout as well as measures taken for bankruptcy and insolvency proceedings

Press Trust of India  |  Manila 

Narendra Modi
Indian Prime Minister Narendra Modi addresses businessmen in a parallel event of the 31st ASEAN Summit and Related Summits. Photo: AP/PTI

The of high-value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister said here on Monday.

In an address at an ASEAN business forum, Modi also highlighting rolling out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, besides the linking of database with financial transactions as part of broader policy initiatives to bring transparency in the


"We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with of high value notes has resulted in formalising a large part of our economy," Modi said.

The prime minister's comments on assume significance as all major opposition parties have attacked on the move, alleging that it had severely damaged the Indian economy.

Modi also talked about repealing of 1200 outdated laws in the last three years and simplification of procedure for investors to do business in India.

He said the of his government puts the at the centre of India's engagement.

"We have exceptionally good political and people-to- people relations with each and every country in the We wish to bring our economic and business relations up to the same level," he said.

Last year, on November 8, the Government of India announced the of all Rs 500 and 1,000 currency notes.

First Published: Mon, November 13 2017. 21:34 IST