Arun Jaitley at India Today Conclave Next 2017: Every structural reform like demonetisation will have consequences

At the India Today Conclave Next 2017, Union Finance Minister Arun Jaitley today spoke about the impact of demonetisation ahead of its first anniversary. He said structural reforms like the note ban would have consequences.

Demonetisation is a move that should not be seen in isolation but in combination with the various steps that the Narendra Modi government has taken to ensure that India ultimately sees a "sea change" in how it spends its money, Jaitley said.

"A step like demonetisation and if you link it to various steps government has taken, I think we've succeeded in bringing to centrestage the issue of how financial transactions in a country like India ought to be carried out," the FM said.

"Should a country that aspires to be a developed country be cash-dependent? Do we allow status quo to continue?" Jaitley asked as he asserted that one of the ideas behind demonetisation was India needs to "shrink the quantum of its cash balance".

You can watch the full video of his conversation with India Today Group Editorial Director (Publishing) Raj Chengappa, right here.