Demonetisation and the shift to Goods and Services Tax will “simplify the system and bring down corruption,” and, thereby, lead to long-term benefits, said Nitin Gadkari, Union Minister for Shipping, Road Transport and Highways.
“We are marching towards a cashless economy with the latest technology. The system is changing, the economic approach is changing and, in a few years, the change will happen even at the grassroots level,” he said.
Even now, 10 per cent of toll collections, he said, are in digital mode and in three months this will increase to 50 per cent.
In a pre-Budget interaction with industrialists organised by BusinessLine and the Confederation of Indian Industry, he said the slowdown in economic growth following demonetisation is “transitory”.“Demonetisation is essential”, but in the preliminary stage people did face problems. However, “the gravity of the problem is coming down,” Gadkari said. Read More…