Finance Minister Arun Jaitley has landed a series slaps, in terms of figures and data, on the faces of the critics of demonetisation. With Opposition crying foul on how the Narendra Modi government’s demonetisation drive has derailed the Indian economy, a set of 5 data points presented by the Finance Minister come as a be-fitting reply. Here are 5 things he said:
1. Increase in banks ability to lend
Jaitey said that already a large part of the benefits of this historic move are visible. A lot more money has come into the banking system, adding that the ability of the banks to lend has now increased.
2. Very significant increase in indirect taxation
Speaking about Indirect taxation, Jaitley said there is a very significant increase in indirect taxation. In the central indirect taxes,the increase is 26.2%. This is till the 30th of November.
3. Indirect taxes collection higher
He further said that compared to the November of 2015, on a year-to-year basis, the November of 2016 – for all the three indirect taxes, the collection is much higher.
4. Rabi sowing is 6.3% higher than 2015
Speaking about agriculture, Jaitley said that the rabi sowing – overall for all crops – is 6.3% higher than last year.
5. Life insurance business is rising
Jaitley also added that the Life insurance businesses have shown great growth and that includes international tourism , air passenger traffic, and petroleum consumption. And the flow into the mutual funds has increased by 11%.
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