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LATEST NEWS UPDATES | Arun Jaitley just tripped over his own feet by admitting economy wasn't healthy when govt launched note ban -Dinesh Unnikrishnan

Arun Jaitley just tripped over his own feet by admitting economy wasn't healthy when govt launched note ban -Dinesh Unnikrishnan

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published Published on Jun 2, 2017   modified Modified on Jun 2, 2017
-Firstpost.com

“What you think is very clear, is not very clear,” told union finance minister Arun Jaitley to a reporter at a Delhi presser on Thursday called to take stock of Modi government’s 3-year performance. The reporter was asking about the impact of demonetisation on the GDP citing the sharp decline (6.1 percent) in the Jan-Mar quarter. Jaitley played down the impact of demonetisation saying it wasn’t the primary reason for economic slowdown.

“There are several factors that contribute to GDP. There was impact on growth on account of other factors, even before demonetisation. One particular factor you mention (demonetisation)  (Sic),” said Jaitley defending the government’s high-disruptive move announced on 8 November. Though Jaitley is partly right, his argument is weak as from the Jan-Mar quarter numbers it is quite evident that demonetisation indeed left a great deal of pain on the economy. A sharp slowdown in the cash-dependent sectors such as construction, trade, hotels, financial services and real estate show this.

Except government spending and growth in agriculture, all other key components of GDP have showed a decline. Thus, Jaitley, at best, has dodged the question smartly on the impact of note ban on growth instead of responding with the facts.

But what is more interesting is part of Jaitley’s own admission that there was slowdown in the economy even before demonetisation on account of several factors. This directly contradicts the rationale of Prime Minister Narendra Modi when he said in Parliament in February this year that demonetisation was done since the economy was strong at that point. Modi used the analogy that an operation can be performed only in a healthy body.

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Firstpost.com, 1 June, 2017, http://www.firstpost.com/business/arun-jaitley-just-scored-a-self-goal-by-admitting-economy-wasnt-healthy-when-note-ban-was-launched-3505309.html


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