Note ban led to growth of formal economy: Amit Shah

Violet Powell
September 10, 2017

Hesaid the people of Odisha have brought Naveen Patnaik to politics after the demisof Biju Babu and accused BJP PresidentAmit Shah of misleading the people by alleging that the BJD was promoting dynasty polictics.Mr Priyadarshi Mishra another MLAsaid Naveen Patnaik has been chosen as the best administrator in the country bythe Outlook Magazine.

The Union government along with states had taken over 7,000 decisions to increase the ease of doing business, he said, adding: "Some critics of our government claim that development has stalled but I would like to tell them not to look at statistics but travel around to find development".

While speaking at the event, Mr Shah also touched upon the issue of banks' non-performing assets (NPA), seen as a drag on the economy, saying the Narendra Modi government had inherited these bad loans and none of them happened during its tenure.

Bharatiya Janata Party President Amit Shah on Saturday said the number of total direct tax payers has doubled in the last three years from 3.7 crore to 6.4 crore.

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He mentioned that earlier Rs 59,000 crore worth of subsidies were siphoned off under corruption.

Shah, while addressing a FICCI meet here in the national capital, said the dip in GDP to 5.7 per cent in this quarter is due to "some technical reasons". "If roads are constructed, toilets are built, and electricity and LPG cylinders are made available, not only does it improve the living standard of people, but also hikes growth in GDP", he said. It wasn't to reap political benefits.

He said that demonetization will boost the formal economy while adding further that black money has come into the government's treasury and it is being used for the benefit of the public. The economy had expanded at 6.1 per cent in the March quarter and at 7.9 per cent in the April-June quarter past year. "Notebandi" can not be reason for GDP coming down to 5.7 percent from 7.1 percent", the Bharatiya Janata Party (BJP) President said in response to a query.

Shah urged the industry in India to visualize for itself a greater and dynamic global role because today India has reached such stage.

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