GST, note ban having desired impact: Jaitley
WASHINGTON: The Narendra Modi government’s initiatives like Swachh Bharat, Goods and Services Tax (GST) and demonetisation are bringing the desired impact, the latter two resulting in increasing tax compliance and squeezing quantum of cash in the economy, Union finance minister Arun Jaitley has said.
In his key note address — via video conference — to the Berkeley India Conference, Jaitley said there was public support to the reforms being undertaken by the governments of the day both at the Centre and state levels.
“I do hope that India is able to retain its growth rate once again and live up to the aspirations of its people because we must not forget that we not only have a large population to service, we have a very young population to service,” he said.
The finance minister is scheduled to arrive on nearly a weeklong visit to the US to interact with the corporate world in New York and Boston and attend the annual meeting of International Monetary Fund and World Bank in Washington DC.
Jaitley, in response to a question refuted the impression that transformational initiatives like Swachh Bharat, GST and currency ban have not resulted in any changes on the ground.
“Would you say there are long term benefits and the country would have to wait for those? Or is there any way to mitigate the problem being faced by the country,” the minister was asked.
A more serious analysis, he argued, would show that even within matter of months there is a short term positive impact of all these projects.
While demonetisation and GST are having desired impact in terms of tax compliances and squeezing the quantum of cash in the economy, he said, for the first time, Swachh Bharat cam- paign has brought to fore the importance of sanitation and cleanliness.
Before demonetisation, Indian normal was to live with a high cash economy, not paying taxes, he said.
“How can a country, which aims to be the fastest growing major economy in the world, continue with the normal of this type,” he asked.
And therefore, “you need to shake the system” in order to reduce the quantum of cash, which, he said, itself involves several challenges as it leads to corruption.
In the immediate aftermath of demonetisation, Jaitley said there was a sharp reduction in insurgent and terror activities in states like Jammu and Kashmir and Chhattisgarh. The funding of the terror itself has gotten squeezed, he told the students
Disputing a questioner on rising communal and social tension in the country, Jaitley said India has had a whole legacy of social tension. “You have seen social tension, religious tension. I think, we are passing through a phase where India is gradually emerging out of it.
“What happens is some stray incidents, unfortunate and condemnable. But stray incidents take place even in the United States,” Jaitley said, and argued that such incidents “take place more in the US than in India”.
“It is just that propagandist in India has a bigger voice in trying to proclaim it all over the world. India is a far more peaceful place and therefore is the right place to do business,” he added. NEW DELHI : I won’t pretend that you don’t know this already, but I will say this: Just don’t burn crackers this season. But here’s the catch: did you actually realise how many poisonous metals crackers have?
The aluminium in fireworks causes skin irritation, and the mercury salts are so toxic, they not only damage the nervous system but also accumulate in our food chain.
The potassium and ammonium perchlorates cause thyroid problems. The strontium replaces calcium in our bodies and the arsenic compounds are not merely carcinogenic but also irritate our skin and can cause those ugly warts. Ozone burns our respiratory tract, something we feel often after Diwali, apart from causing sudden death syndrome.
That we still burn fireworks is ironic.
When Lord Rama returned to Ayodhya, his people celebrated Diwali to welcome him back, and to cheer on final victory of the good. Nowadays, we also welcome Laxmi into our homes, because with her comes wealth. We tempt in Ganesh, because we seek his auspicious presence.
But doesn’t it occur to you that Laxmi cannot enter our homes if we make it impossible for her to stay with our pollution?
Instead, the cities of Delhi and Mumbai, in 2015, ended up with economic costs of 70, 000 crore on account of air pollution.
Instead of welcoming the beautiful and the good, we are simply shunning these when we burn crackers. Diwali is about winning battles and welcoming victors. How about fighting air pollution then? Just don’t buy firecrackers.