Shortage of cash will end by mid-January: Amitabh Kant
The Dollar Business Bureau NITI Aayog CEO Amitabh Kant said on Friday that shortage of cash due to demonetisation of high denomination bank notes will end by middle of January 2017. He said that by that time about Rs.3 trillion worth of black money would be wiped out of the economy, leaving around Rs.12 trillion of cash to finance regular transactions. The disruption was unavoidable as the country aspires to become a $10 trillion economy, Kant said while addressing the 89th Annual General Meeting of FICCI in New Delhi. Kant is the chairman of the high-level committee created by the government for identifying all possible digital payment modes across sectors as it is pushing on with its drive for a cashless economy. He stated that ...
FM sees FY16 GDP growth at 7.6%
Source: PTI Pegging India's GDP growth rate at 7.6% for the fiscal 2015-16, Finance Minister Arun Jaitley on Thursday said it is "much less" than its potential and expressed hope for better numbers next year. Jaitley also said that India earlier had a bad reputation of not being the best place to do business, but the governments at the Centre and states have made considerable headway in reforming the system. "As the current financial year ends today, we hope to finish this year at 7.6% growth rate which is much less than our potential... we are hopeful that we will do better than this next year.” "Our current account deficit is well under control, inflation rate is under control. In last ...
