By Bizodisha Bureau, Bhubaneswar, December 1, 2016 : Union Finance Minister Arun Jaitley on Thursday said once the demonetization process was completed and Goods and Services Tax [GST] comes into force on September 16 next year, India which now stands politically united would also get financially united.

“Once the demonetization process is completed and GST is implemented, the banks will have enough liquidity at their command and the government’s tax base will significantly increase. With enough liquidity in their possession, the banks will service their customers various products, including housing loan, at lower interest rates. Similarly, with enough resources at its command, the government’s spending on infrastructure and other social sectors will also increase, ultimately bringing prosperity to the common people,” Mr Jaitely said.

Addressing a gathering at the “Make in Odisha” conclave here, Jaitley said although the demonetisation process had caused hardships to all sections of people, – the move received overwhelming support from all quarters.

The FM admitted that the countrymen are currently suffering due to the recent demonetization process, but assured that it would last for a few more days after which things will improve quite faster and bring enormous economic prosperity.

Elaborating the effects of the two major decisions, he said: “I believe both decisions would prove a game changer. GST will ensure higher taxation as far as Centre is concerned, state is concerned… It’s a more efficient system. It plugs leakages and it will certainly help state like Odisha.

“While the currency changes are concerned, once the remonetisation process is completed and the economy gets back to full speed, the size of the GDP will expand.

Jaitley said, people overwhelmingly supported the demonetisation move by Prime Minister Narendra Modi on November 8 though political opponents have criticised us in no uncertain terms saying it was a wrong initiative.

“Normally, an elected government loses popularity when it continues in power for some time. Its support wanes when the people find it failing to live up to its pre-poll promises or on other fronts. However, it is quite opposite in the case with Narendra Modi government. After completing almost half of its term, its popularity is rising because of its transparent governance. On the other hand, when people today discuss about corruption, they discuss about the UPA not the NDA,” he mocked.

Referring to electoral success of BJP in by-elections, the FM said, “In Gujarat and Maharashtra urban local body polls, our party outclassed the rivals. What is quite noteworthy is that in by-elections held in West Bengal and Tripura where our party until recently was considered very weak, – got 20 to 30 per cent votes at many places, raising itself to second position in those two states. This proves acceptance of the PM’s demonetization move,” Mr Jaitely claimed.

He thanked Odisha Chief Minister Naveen Patnaik for backing the demonetisation and the Goods and Services Tax (GST).

Odisha with its vast coastline, green forest and mineral based is all set to emerge as a front runner state in the eastern India, the FM said and hailed the high growth rate of Odisha this year.

“If Odisha’s GDP grows faster than the national GDP, then it will also help in improving the GDP of the country.”

He said the Odisha government will have complete support of the central government for its Make in Odisha campaign.

“Odisha, a state which conventionally had a very high percentage of people below poverty line, is now trying to improve upon its growth rate. And its growth rate in recent times have significantly improved. Poverty level has come down,” he said.