New Delhi: Finance Minister Arun Jaitley on Saturday said that India is one of the few bright spots in an otherwise slowing world economy.
At a FICCI event here, Jaitley said that growing protectionism and cynicism worldwide, taking the examples of the US polls without naming it and Brexit, have made the global situation unpredictable.
He said that in the midst of all this, the Indian economy is bucking international trends and is growing at a healthy rate.
he said that the economy was robust enough to handle an experiment like demonetisation which he called a courageous step. "The fact that India has the capacity to experiment like this while the world is looking inwards speaks volumes," Jaitley said.
"India has capacity to take decision on demonetisation; it's no longer a fragile economy," he said.
"Remonetisation will not take very long time, RBI will be able to complete it very soon," he added.
Jaitley said, "Once remonetisation is complete, it will mark a new normal which will be good. Because the normal in the last 70 years were not unacceptable. The previous large cash economy had severe economic & social implications."
Taking a dig at the Opposition, he said a section of the parliament seems to be unaware about the benefits. "Long-term benefits very clear even if we have to bear short-term inconveniences," he said.
Talking about the much delayed Goods and Services Tax, Jaitley said, "Ideally, GST should start from April 1, 2017."
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