New Delhi: Finance Minister Arun Jaitley on Wednesday defended demonetisation while announcing the Union Budget 2017 despite cries from the opposition for the adjournment of the house.

Reiterating that demonetisation was a “bold measure”, the Finance Minister said that the impact of note ban will not spill over to next year. He stated that the demonetisation drive was a “bold and decisive measure which would entail for a “GDP which is bigger and cleaner.”

However, Jaitley will have to defend the largely debilitating impact of demonetisation on small retailers and farmers who depend on immediate transactions.

Digital transactions, which have increased astoundingly after demonetisation, will be resold as a primary medium of transaction to the people by introducing incentives for digital payments.

Mr Jaitley maintained that India is still being seen as an engine of global growth.

Prime Minister Narendra Modi announced on November last year that the old Rs 500 and Rs 1000 note would cease to be legal tender.

First Published | 1 February 2017 12:20 PM
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