Critics of noteban became quite after the latest figures of GDP were revealed and they attributed the ban to the slowing GDP growth. Keep in mind that these critics also blamed the ban on filing. When the Prime Minister Narendra Modi had announced it in November last year, the whole country was left in a state of shock. In the country where 96 per cent of transactions were in cash, due to declining 86 per cent cash in the financial system altogether, the economy could have been paralyzed and the possibility of social dissatisfaction could also have happened. Although in the earliest days, the endless queues were seen outside the banks and ATMs, but they did not get any kind of turmoil and social dissatisfaction.
Opposition parties made every effort to make the air against it, but their every trick failed. Economists from around the world, (Time, The Economist) and especially economists in India, are criticizing the ban on corruption, and they are described as destructive for the economy. Even former Prime Minister and well-known economist Dr. Manmohan Singh described it as a 'legalised plunder' in parliament from 'organized loot'. Although some people believed that despite having problems for some time, this decision will be fruitfully rewarding in the future. In fact, it was the Prime Minister Modi which caused the anger of the people to be minimized. His dialogue style, expertise in connecting with people, partnership with management and co-ordination with the implementation of the schemes reduced the inconvenience and kept positive sentiments among the common people. The people of the media, especially the electronic media, were very vocal about giving voice to the commentators, but they were disappointed because common people across the country supported the PM's move. The Uttar Pradesh's electoral results proved to be a stamp of public on the verdict, so that Narendra Modi's height as leader became even more popular.
Making rapid changes in the incoming and new ATM machines with new notes quickly reduced the misery of the people and the misery of the economy. The disease of fake notes was also removed. Signs of short-term benefits and their long-term potential impact on the economy have also started showing effect. Digitization of India is going on fast. The sale of POS machines, which carry out transactions through the card, has risen. Monetary transactions are just a click away. The rejuvenation of banking services can only be seen. Direct tax collection increased 17 percent to Rs 1.46 lakh crore compared to last year. There is also a lot of increase in income tax payers. After filing, e-filing of IT returns also increased by 22 percent. The chief of the Central Board of Direct Taxes said that 18 lakh (1.8 million) people have been identified in the first phase under 'Operation Clean Money'. In this, the amount of about 1.73 lakh crore rupees is at stake. For the second and third phase, all the people are being brought under the supervision. Since the ban, one to two lakh new PAN numbers are being issued daily and the total number of PAN holders has crossed the 30 crore mark. There will be many advantages of the noteban, whose impact will be seen after some time. The Indian economy is becoming increasingly electronic. The road to tax compliance is becoming easier.
With increasing revenue collection, tax scope is also increasing in proportion to GDP. These will benefit the economy very much and the country will be oriented towards the path of fast economic growth. In particular, physical and social infrastructure will be created at a very large level, with the most important thing being that it will be done without having to borrow or increase the rate of taxes. With the increased use of electronic currency, the economy will become more efficient and efficient. Along with this, if the GST implementation is added then India can enter the next round of growth of 10 percent. The coming generations of the country will harvest the benefits of the ban on bondage. It was certainly a bold and bold decision that a strong leader could take. The Prime Minister should also have felt that it can prove to be politically harmful for him. Yet they showed the determination to make a decision. History will assess that a leader did not even bother to put his political capital on the wage for the benefit of the nation and the coming generations. The critics, on the other hand, will keep repeating the same old chant, and will continue to pacify some of the problems due to this.However, due to the freedom of expression and vibrant democracy, they are free to do so, but the country should enjoy the benefits of this bold decision.
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| A large queue outside a bank |
Opposition parties made every effort to make the air against it, but their every trick failed. Economists from around the world, (Time, The Economist) and especially economists in India, are criticizing the ban on corruption, and they are described as destructive for the economy. Even former Prime Minister and well-known economist Dr. Manmohan Singh described it as a 'legalised plunder' in parliament from 'organized loot'. Although some people believed that despite having problems for some time, this decision will be fruitfully rewarding in the future. In fact, it was the Prime Minister Modi which caused the anger of the people to be minimized. His dialogue style, expertise in connecting with people, partnership with management and co-ordination with the implementation of the schemes reduced the inconvenience and kept positive sentiments among the common people. The people of the media, especially the electronic media, were very vocal about giving voice to the commentators, but they were disappointed because common people across the country supported the PM's move. The Uttar Pradesh's electoral results proved to be a stamp of public on the verdict, so that Narendra Modi's height as leader became even more popular.
Making rapid changes in the incoming and new ATM machines with new notes quickly reduced the misery of the people and the misery of the economy. The disease of fake notes was also removed. Signs of short-term benefits and their long-term potential impact on the economy have also started showing effect. Digitization of India is going on fast. The sale of POS machines, which carry out transactions through the card, has risen. Monetary transactions are just a click away. The rejuvenation of banking services can only be seen. Direct tax collection increased 17 percent to Rs 1.46 lakh crore compared to last year. There is also a lot of increase in income tax payers. After filing, e-filing of IT returns also increased by 22 percent. The chief of the Central Board of Direct Taxes said that 18 lakh (1.8 million) people have been identified in the first phase under 'Operation Clean Money'. In this, the amount of about 1.73 lakh crore rupees is at stake. For the second and third phase, all the people are being brought under the supervision. Since the ban, one to two lakh new PAN numbers are being issued daily and the total number of PAN holders has crossed the 30 crore mark. There will be many advantages of the noteban, whose impact will be seen after some time. The Indian economy is becoming increasingly electronic. The road to tax compliance is becoming easier.
With increasing revenue collection, tax scope is also increasing in proportion to GDP. These will benefit the economy very much and the country will be oriented towards the path of fast economic growth. In particular, physical and social infrastructure will be created at a very large level, with the most important thing being that it will be done without having to borrow or increase the rate of taxes. With the increased use of electronic currency, the economy will become more efficient and efficient. Along with this, if the GST implementation is added then India can enter the next round of growth of 10 percent. The coming generations of the country will harvest the benefits of the ban on bondage. It was certainly a bold and bold decision that a strong leader could take. The Prime Minister should also have felt that it can prove to be politically harmful for him. Yet they showed the determination to make a decision. History will assess that a leader did not even bother to put his political capital on the wage for the benefit of the nation and the coming generations. The critics, on the other hand, will keep repeating the same old chant, and will continue to pacify some of the problems due to this.However, due to the freedom of expression and vibrant democracy, they are free to do so, but the country should enjoy the benefits of this bold decision.
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