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Rejecting apprehensions that the Indian economy would suffer due to demonetisation, Finance Minister Arun Jaitley today termed as "game changers" the pulling out of high-value old notes as well as Goods and Services Tax, which is proposed to be rolled out from April 1. "I do believe that both (GST and demonetisation) will be game changers. This is because GST will ensure higher taxation as far as the Centre is concerned and also higher taxation for states. It is an efficient system.
It blocks leakages. It will certainly help the consuming states like Odisha," he said.
Jaitley was speaking at the "Make in Odisha" conclave here.
On the hue and cry over the demonetisation exercise, he said: "As far as currency changes are concerned, once the demonetisation process is completed and the economy gets back to full stream, the size of the GDP will significantly expand, tax base will expand."
He added, "More money will come to the banks which will be used fruitfully for the betterment of the economy.
Jaitley further said during his recent visit to the UK he held detailed discussions with different groups of investors. "Now, the UK investors, whom I interacted, are extremely buoyant and positive about India. They see India as a bright spot in today's global economy and are extremely appreciative of the fact that even in the present global situation, India is one of the few economies which has consistently in one direction been able to bring about reforms and maintain a reasonably higher rate of growth as far as economy is concerned," he said. The finance minister said he also had a series of meetings with members of the British government at highest level. "They are extremely keen, particularly post Brexit, to expand their relationship with India. They have attached very high importance to the relationship with India and they already are major investors in India and they want to expand this and also expand mutual investments in both countries. "Overall, I would say both the government and the private sector investors in the UK are extremely buoyant as far as India is concerned," he said.