World progressed in 2017 but India didn’t because of Note Ban and GST

NP NEWS 24 ONLINE – 9/11 this is the date most of the Indians and Americans will never forget in their entire life as two of the most drastic and dangerously harmful thing happened in these India and America. One broke the moral of the American citizen and one broke the financial system of the country. Yes, we are talking about the 9/11 Note Ban in India.

Recently, this event completed 2 years, PM Modi announced note ban on 08/11/2016 and all the country went in a shock. People didn’t know what to do of the 500 and 1000 rupee note they have in their hand. Many experts came out to say that this is the decision that will change the future of India and it actually did it changed the future of to even more worst.

Demonetisation and the Goods and Services Tax (GST) stalled India’s economic growth in 2017, said former RBI governor Raghuram Rajan at a public address in the US.

Addressing an audience at the University of California in Berkeley on Friday, Rajan said for four years — 2012 to 2016 — India was growing at a faster pace before it was hit by two major headwinds. “The two successive shocks of demonetisation and GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking,” he said delivering the second Bhattacharya Lectureship on the Future of India.

On the second anniversary of demonetisation on November 8, finance minister Arun Jaitley staunchly defended the drive, saying ‘prophets of doom’ have been proven wrong as hard data of two years shows an increase in tax base, greater formalisation of the economy and India retaining the fastest growing economy tag for the fifth year in a row. “By the time the first five years of this government are over, we will be close to doubling the assessee base,” he said in a Facebook blog ‘Impact of Demonetisation’.