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80 pc of informal economy will come under formal sector: Nadda

Press Trust of India  |  Shimla 

More than 80 per cent of informal economic activities, especially in the retail sector, will be brought into formal economy through digitalisation and cash-less transactions, Union minister J P Nadda said today.

It will increase the number of payers with availability of adequate funds for development, the Union Health Minister said at 'Digidhan Mela' here.

He said 27 crore savings accounts were opened under with a deposit of Rs 63,800 crore and that this amount could be used for economic development.

Information Technology, Irrigation and Public Health Minister Vidya Stokes said that the state was promoting computerisation in every department and advocating cash-less system for transactions.

She said the state was ready for adopting the Goods and Services (GST).

Earlier addressing workers, Nadda said that landslide victory of the party in the recent assembly polls was endorsement of policies of Prime Minister Narendra Modi and claimed that "winds of change are blowing in and the would oust the Congress in coming assembly polls".

He called upon the party workers to work hard to ensure victory of the party in the assembly polls later this year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, March 19 2017. 22:07 IST