The impact of government’s demonetisation move is too early to be determined as has been done by various institutions, believes the Commerce Minister Nirmala Sitharaman.
Speaking to CNBC-TV18, Sitharaman said that stress in the economy has reduced with currencies now reaching people. “Entire output [industry production] speculation, even if impact is there, it won’t be beyond this quarter,” she added.
Unaccounted money is getting extinguished and in turn, the government’s liability too, is getting extinguished.
Replying to opposition, she said that “government would not want to do something like this so blatantly.”
Sitharaman emphasised that the money collected will be used for India’s higher growth. Development of infrastructure and housing for all will continue to be on the government’s agenda.
Speaking over the weakening rupee, she said that currencies all over have taken a beating in last 1-1.5 years. “Volatility is now becoming a new normal,” she said, adding that factors other than currencies are also impacting trade globally.
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