Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
May 23, Tuesday 2017 10:27 PM       

       HEADLINES: Main accused in Payyannur murder case held                                              Kalabhavan Mani: CBI registers case of unnatural death                                              Caretaker arrested for assaulting children in daycare facility                                              One killed in accident                                              Vizhinjam: CAG says Adani Group to win extra income of Rs. 290 bn                                              Sukhoi aircraft missing near China border                                              Cow vigilantes not above law: Athawale                                              Indian Army destroys Pak posts in Nowshera, releases video                                              Rajini fans stage protest against fringe outfits                                              Autopsy report suggests Asphyxia as cause of IAS officer Anurag Tiwari death                                              19 killed, 50 injured in blast at pop concert in UK                                              Pak presses ICJ for early hearing of Jadhav case                                              S Korea fires at object flying near border with Pyongyang                                              Pak refutes India's 'claims' of destroying its posts in Nowshera                                              'James Bond' star Sir Roger Moore dies at 89                                              ICC promises ‘robust’ security for Champions Trophy after Manchester attack                                              Kaumudi Facebook
       BUSINESS Next Article: Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr  
       Digitisation will curb shadow economy, says Meghwal
 
         Posted on :21:24:08 May 14, 2017
   
A A
       Last edited on:21:24:08 May 14, 2017
         Tags: Digitisation, curb shadow economy, Meghwal
 
MUMBAI: Pitching for rapid movement towards digitisation of the economy, Union minister Arjun Ram Meghwal today said the government's digital initiative is crucial to curb the black market.
 
"In this country, 22-26 per cent is shadow economy (ie illicit economic activities like black market transactions and undeclared income existing alongside the official economy)," the minister of state for finance said here.
 
"This is a large percentage and it is not good for a nation. As and when shadow economy is constrained the gross domestic product (GDP) of the country will grow," he added.
 
Noting post-demonetisation of high value currency notes, the country has rapidly moved towards digitisation which has helped keep a check on the shadow economy, Meghwal said 'digital India' is a necessary initiative to "hurt" the illicit economic activities.
 
"When we have a large shadow economy, digital India will help curb it and we will be able to account for the illicit transactions. This will result in growth of consumption, investments and export and as a result GDP will also grow."
 
The minister was addressing the 'Digital India Summit – Role of Cooperative Banks in Adopting and Advancing the Prime Minister's Flagship Digital India Programme'.
Meghwal observed that 2017 "would be known in history as the year of economic reforms" on account of various government initiatives, including implementation of goods and services tax (GST).
 
"This year we made various changes to budget like merging the railways with Union budget and passed the finance bill before March 31 for the first time. Now we will roll out the goods and services tax from July 1 which will make it easier to do business in the country," Meghwal said.
 
"GST will help it easier to do business. For instance in India, logistic charges are high compared to US and Canada but with GST these charges will come to par with these developed countries."
 
Hailed as the biggest tax reform since India's independence, GST will replace an array of central and state levies with a national sales tax, thereby creating a single market and making it easier to do business in the country.
A A
       BUSINESS
Next Article: Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr
 
 
BUSINESS HEADLINES
Sensex sheds 206 pts on profit-booking  
RBI refuses to disclose list of loan defaulters  
Nifty pares initial gains, ends flat  
Maharashtra Assembly passes GST Bill  
GST is Modi Govt's 'biggest achievement': ASSOCHAM  
Exporters to get tax refund under GST within 7 days: Nirmala  
GST won't affect financial autonomy of local bodies: Maha govt  
GST: Fin Min warns industry against hiking prices arbitrarily  
GST Bill is going to be consumer friendly: Jaitley  
Sensex surges to record high in late morning trade  
AI starts direct flight between Delhi, Stockholm  
Paytm raises $1.4 bn funding from SoftBank  
Sensex dives 224 pts, Nifty cracks below 9500  
Sensex, Nifty extend bull run, hit record highs  
BSNL signs pacts with Facebook, MobiKwik  
Govt clears new coal linkage policy  
Markets conquer new peaks, Nifty scales 9,500  
Gold climbs by Rs. 55 on positive global leads  
11 PIOs in Forbes's list of best venture capitalists  
Digitisation will curb shadow economy, says Meghwal  
Snapdeal-Flipkart deal may leave staff richer by Rs 193 cr  
I-T dept launches facility to correct errors in PAN, Aadhaar  
Idea Cellular Q4 loss at Rs 325.6 cr as Jio entry takes toll  
'AI can play key role in good governance'  
Coal Mines PF merger with EPF will benefit workers: Goyal  
 
Do you support girl's action against 'Swami', who allegedley abused her?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy