Can’t Let Shadow Economy Be Larger Than Real Economy, Says Jaitley 

Terming tax-paying as a "patriotic duty", Finance Minister Arun Jaitley today said that given our aspiration to be a dominant player on the world stage, we cannot afford to be a place where the shadow economy is bigger than the real economy.

Without naming the note-ban and Goods and Services Tax rollout, both of which have slowed down the economic engine, he said the process of making a cleaner economy is set in motion to achieve aspirations like being a developed economy and the fastest growing among major economies of the world.

While speaking at an Economic Times awards function, he said the government has been taking steps "one by one" towards this direction and some impact is already visible in an enlarged tax base and jump in digital transactions.

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Conceding that there will be some "noise and grievances" because of the implementation of tax reforms like GST, he said paying taxes is essential.

"Paying taxes is always a fundamental duty of every citizen. It's a patriotic duty to be a part of that structure, rather than outside the structure. It is only then that the implementation will really show its larger, longer-term impacts," he said.