India possesses capacity to implement decisions like demonetisation: Jaitley

Applauding the government's potential to take a bold step like demonetisation, Finance Minister Arun Jaitley on Saturday said India has the capacity to take such decisions that are exceptional.

"The government took a somewhat courageous step in the direction of the high-denomination currency ceasing to be a legally valid tender and went in for a large currency swap or exchange. Now, the fact, that India today has the capacity to take these decisions and the capacity to enforce these decisions, to experiment boldly even at the time when the world is looking more inwards, I think marks an exception as far as India is concerned," said Jaitley, while speaking at FICCI's 89th annual general meeting.

Describing India as one of the fastest growing major economies in the world, Jaitley termed the decision to demonetise an important beginning of development.

"As far as the decision with respect to currency is concerned, it marks an important beginning. This decision decides several other implications," he said.

"Among the emerging economies, if you look at India, I think it's a refreshing change from what's happening in the rest of the world. Three years ago, the economy which was regarded as a part of the fragile five, today, unquestionably is regarded as one of the fastest growing major economies in the world," he added.

Jaitley also assured that the process of remonetisation would not take long.

Hinting at the government's courageous step, Jaitley said with the world economy slowing down, a country has to determine its own course.

"The world economy is definitely slowing down. So, it is necessary for countries to determine their own course themselves because global trends are not particularly helpful," he said.