‘Demonetisation helped formalise large part of the Indian economy’

The demonetisation of high value currency notes along with a series of other reform measures have resulted in formalising a large part of the Indian economy, Prime Minister Narendra Modi said here on Monday.

In an address at an ASEAN bu siness forum, Modi also highlighting rolling out of the Goods and Services Tax (GST) as well as measures for bankruptcy and insolvency proceedings, besides the linking of Aadhaar database with financial transactions as part of broader policy initiatives to bring transparency in the financial sector. "We are using our Unique ID system in financial transactions and taxation for this purpose and the results are already visible. These steps, coupled with demonetisation of high value notes has resulted in formalising a large part of our economy," Modi said.