New Delhi: The government’s decision to ban high-value banknotes as part of efforts to stamp out corruption will have a profound and positive impact on India’s economy, World Bank chief executive Kristalina Georgieva said. demonetisation may have caused some hardship to people living in the cash economy but in the long run the move will help foster a clean and digitized economy, Georgieva said. There hasn’t been such demonetisation in a country so big,” Georgieva told Hindustan Times in an interview late on Wednesday. “While demonetisation has, in the short term, created some impact on businesses dependent on cash, in the long term the impact will be positive… The reforms India is targeting are profound,” she said. The signs are positive with the reform process underway and GST (goods and services tax) expected to be implemented soon.”

Source: Mint March 02, 2017 22:18 UTC