LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » India News

Digitisation will curb shadow economy, says Union minister Arjun Ram Meghwal

Union minister Arjun Ram Meghwal on Sunday said the government's digital initiative is crucial to curb the shadow economy which involves illicit economic activities like black market transactions and undeclared income. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Digitisation will curb shadow economy, says Union minister Arjun Ram Meghwal
"When we have a large shadow economy, digital India will help curb it and we will be able to account for the illicit transactions," Meghwal said. Image Source: IANS
Written By: PTI
Updated: Sun, May 14, 2017
04:36 pm
Mumbai , PTI
RELATED NEWS
$770 billion black money entered India in 2005-2014: Report $770 billion black money entered India in 2005-2014: Report
Black Money: No relief to those who defaulted on 1st IDS installment: CBDT Black Money: No relief to those who defaulted on 1st IDS installment: CBDT
Digital payment can check black money, graft: Modi Digital payment can check black money, graft: Modi
War on black money not a political fight, says PM Modi War on black money not a political fight, says PM Modi
Cash source of black money generation: Piyush Goyal Cash source of black money generation: Piyush Goyal

Pitching for rapid movement towards digitisation of the economy, Union minister Arjun Ram Meghwal on Sunday said the government's digital initiative is crucial to curb the black market.

"In this country, 22-26% is shadow economy (i.e. illicit economic activities like black market transactions and undeclared income existing alongside the official economy)," the minister of state for finance said.

"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."

 

ALSO READ: $770 billion black money entered India in 2005-2014: Report

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 (GST) 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.

ALSO READ: Digital payment can check black money, graft: Modi 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
DigitisationEconomyUnion minister Arjun Ram MeghwalArjun Ram MeghwalBlack MoneyGSTGross Domestic ProductGDPblack marketDigital Indiaillicit transactionsshadow economyblack market transactionsundeclared income
RELATED NEWS
$770 billion black money entered India in 2005-2014: Report $770 billion black money entered India in 2005-2014: Report
Black Money: No relief to those who defaulted on 1st IDS installment: CBDT Black Money: No relief to those who defaulted on 1st IDS installment: CBDT
Digital payment can check black money, graft: Modi Digital payment can check black money, graft: Modi
War on black money not a political fight, says PM Modi War on black money not a political fight, says PM Modi
Cash source of black money generation: Piyush Goyal Cash source of black money generation: Piyush Goyal

LATEST NEWS

Budget 2021 Expectations LIVE: What India Inc. wants from Modi government, Nirmala Sitharaman?

JEE, NEET syllabus to remain unchanged for 2021

Budget 2021 Expectations – This personal mobility solutions start-up eyes incentives on electric vehicles, GST reduction on batteries

Shah Rukh Khan, Akshay Kumar, Ranveer Singh, Anil Kapoor to Preity Zinta - Bollywood ecstatic after India logs historic victory over Australia in Brisbane

L&T Finance Holdings: Sharekhan has downgraded the recommendation to Hold with a revised price target of Rs 103

Adani Ports share price: Jefferies says Promoter Pledges need to be watched

Budget 2021 Stocks With Anil Singhvi – Vindhya Telelinks is a SCREAMING BUY; Investment grade stock with low valuations, high growth potential

CBSE, NEET, JEE exams 2021: Big relief for students announced—check education minister Ramesh Pokhriyal message

Is schools reopening in India safe yet? Despite guidelines, 11 students test Covid 19 positive on first day in Gujarat

PUBG Mobile India: Launch date, trailer, competition from FAUG and other latest updates

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved