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Demonetisation to redefine new normal for economy: Arun Jaitley

Lauding the government`s surprise demonetisation move, Finance Minister Arun Jaitley on Friday said that it has attacked India`s parallel economy that was running outside the banking system for the last 70 years and a "new normal" will become the way for the country.

IANS| Updated: Nov 18, 2016, 22:35 PM IST
Demonetisation to redefine new normal for economy: Arun Jaitley

New Delhi: Lauding the government`s surprise demonetisation move, Finance Minister Arun Jaitley on Friday said that it has attacked India`s parallel economy that was running outside the banking system for the last 70 years and a "new normal" will become the way for the country.

"Shadow or parallel economy had become a way of life. When you have a large chunk of currency outside the banking system, taxation system is narrow, because shadow economy becomes way of life. Demonetisation redefines that," Jailtey said.

"Demonetisation move will set a new normal for the economy. We see good, steady economic growth in coming years. We expect India to be a large digital economy in coming years," he added.

The move has suddenly improved the lending ability of the banks, he added.