logo

India's economic growth was shocked by the ban on bondage: Rajan

Personal opinion- Banknote influenced our economy- GST should be implemented more effectivelynew Delhi. Former Reserve Bank of India Governor Raghuram Rajan has said that the ban on the Indian economy has reduced. He said that at such a time, while the global economy is recording growth, India's Gross Domestic Product (GDP) growth rate has been markedly affected due to bankrolling. Rajan said that he has seen studies that show that closure of high value notes in November, 2016 had significant impact on India's growth rate.Rajan said, 'It is purely my opinion that the ban on bondage has influenced our economy. Now I have seen studies confirming this. Our growth rate has been slow. ' Rajan said on Monday, "The global economy had an impact on a faster economy in 2017. The Indian economy grew by 6.7 percent in the financial year 2017-18.Growth rate affectedThe former RBI governor said, 'Due to the double-impact of note-up and GST, our growth rate has been affected. Before someone confesses me anti GST, I would like to say before that it is a good idea in the long run. It has been affected in the short term. ' On being asked whether he was asked to apply for a ban on him as a Reserve Bank Governor during his tenure, the former governor said that he was asked to restrain the currency of high value. He said that the ban was a "bad idea" in his thinking.Need improvement in GSTKeeping his view in detail in GST, Rajan said that this corrective tax system should have been implemented more effectively. Asked whether GST should have had one tax instead of 5 different slabs, Rajan said that this is a matter of debate. He said, 'In my opinion, which is an alternative thought, you know the problems once you do the work you do. After that he fixes it one by one. Therefore it was necessary (initial problem). 'Let us know that Prime Minister Narendra Modi had announced the closure of 500 and 1,000 notes in his speech on November 8, 2016. At the time, the government had claimed that the ban on bondage of black money, fake currency and terrorism could be restrained. Rajan was the Reserve Bank Governor from September 2013 to September 2016..