GST will be implemented in 2017, digitized economy will be future of India: Jaitley

Extending warm wishes to citizens of India on the occasion of the New Year, Finance Minister Arun Jaitley on Sunday said that he is hopeful about the Goods and Service Tax (GST) being implemented in 2017 and confident that the digistized economy would be the future of India.

"The last year was a very successful year for India as we continued to remain the fastest economy in the world, and I'm sure that we will maintain the same position," Jaitley said in an interview to ANI.

"We are now keeping the inflation under control, consequently we have seen interest rates coming down," he added.

Adding to this he said that the process of 'remonetisation' has progressed extremely well and it is certain that in the days to come it will be completed.

"I see 2017 as a year in which GST will be implemented, and a digitized economy will be future of India," he added.

"A large amount of money, including black money, has come back into the banking system. It increases banks' ability to lend more," said Jaitley, citing that the activity of demonetisation was completed in a peaceful manner and well supported by citizens.

Jaitley's statement came a day after Prime Minister Modi announced major tax rebates for farmers, small traders, senior citizens and women in a New Year's eve address to the nation. He also urged the nation's banking system to work for the poor and the marginalised and complimented the people for joining and supporting the government's cleansing drive against corruption and black money.