Demonetisation, Aadhaar linking find a place in PM Modi’s appeal to investors

In the Philippines for the ASEAN Summit, PM Narendra Modi says demonetisation and Aadhaar linking with bank accounts have led to the formalisation of a big part of the Indian economy.

We are using our unique ID system in financial transactions and taxation for this purpose and the results are already visible,” Modi said.
“These steps, coupled with demonetisation of high-value notes, has resulted in formalising a large part of our economy. The number of new tax payers filing income tax returns has more than doubled. Digital transactions have increased by 34% as we march together to a less-cash economy,” he said.
The PM said the focus of his government was on making India a global manufacturing hub and that efforts were on to make the youngsters job creators.
“Keeping our emphasis on ‘Minimum Government, Maximum Governance’, about 1,200 outdated laws have been repealed in the last three years. We have simplified processes to start companies and for other clearances,” he said.
Talking about the initiatives to introduce technology, Modi said digital transactions had increased significantly and that technology was being used to reach out to people.
He said large sections of India’s population previously did not have access to banking services, adding that the Jan Dhan Yojana changed that in a matter of months and transformed the lives of millions.
Earlier in the day, PM modi met US President Donald Trump, who congratulated the Indian leader for “a lot of good reports coming out of India”.