PM Modi To Take Stock Of Demonetisation-Hit Economy Today: 10 Updates
- PM Modi will make the opening remarks of meeting titled 'Economic Policy Reform, Road Ahead'. Around 15 invitees will make their presentations before the Prime Minister.
- The meeting assumes significance in view of many financial institutions downgrading their growth forecast for Indian economy for this fiscal year in the wake of demonetisation. The Reserve Bank has reduced the economic growth forecast to 7.1 per cent from 7.6 per cent in its monetary policy review earlier this month. Â
- Expectations are growing that the government may announce steps to support the economic growth after the cash deposit deadline ends on December 30.Â
- PM Modi is also expected to take stock of various initiatives launched by NITI Aayog to promote digital economy like Lucky Grahak Yojana and Digi Dhan Vyapaar Yojana to incentivise digital payments.
- Finance Minister Arun Jaitley said that the country needs to have a lower tax regime to be globally competitive.
- The finance minister's comments assume significance as they come just a little more than a month before he presents the Budget for 2017-18.Â
- Indian economy expanded by 7.1 per cent and 7.3 per cent in first and second quarters of 2016-17.
- PM Modi on November 8 announced the government's decision to scrap Rs 500 and Rs 1,000 banknotes in a bid to flush out black money, which took away nearly Rs 15.44 lakh crore out of the currency in circulation.Â
- But so far banks have only been able to disburse nearly Rs 6 lakh crore to the public, the RBI said in its latest release.
- PM Modi last week vowed to carry forward the war against corruption and said that the government will operationalise a strong law to effectively deal with 'benami' properties.
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