Jamshedpur, June 3 : Minister of State for Civil Aviation Jayant Sinha on Saturday said the government’s demonetisation decision has led to an economic boom.
Sinha said this at a function organised to celebrate three years of Modi Government. At Ravindra Bhawan in Sakchi said that decision like demonetisation can only be taken by a person with 100 inches of chest.
“The amount of cash we have in circulation is lower than the amount of cash we had in circulation prior to demonetisation.” The minister pointed out that foreign investors have witnessed that the cash-to-GDP (gross domestic product) ratio has come down and that tax-to-GDP ratio has gone up.
According to Sinha, the government’s structural reforms, like the Goods and Services Tax (GST), have “Demonetization is a historic and revolutionary step because no country before us had implemented it on this scale.” the Hazaribag MP said.
The minister also said that the growth of black money during the 10-years of UPA government forced the Modi government to take such a step. “The tax to gross domestic product (GDP) during the 6.5-year tenure of Atal Bihari Vajpayee was higher when compared to that of the successive UPA government,” he said.
Sinha said that “demonetization was aimed at creating a new economy and building a new nation.” excited foreign investors.
Talking about Ram Mandir, he said that the BJP Government was committed to build the temple as promised. He said the Chief Minister of Uttar Pradesh also visited the site, which only goes to show that the Government was committed.