the goan I network
MARGAO
He emphasised Prime Minister Narendra Modi’s endeavour of moving from a “cash economy” to a “less cash economy”.
Apprising the audience about the nature of the world economy, Jawadekar said, “The world over, only 4% of the total GDP is the cash component. However, in India, this figure is 12%,” he added.
Informing that 80% of the transactions in India are in cash, Jawadekar said many such transactions take place without any receipt. This, Jawadekar said, translates into just 1% of the total population of our country coming under the tax net.
Emphasising on the importance of digital transactions, the Union HRD Minister claimed when all transactions go digital, the government can provide good facilities to all its citizens from money accrued through tax as a result of the digital transactions. “All digital transactions get recorded which results in stoppage of tax evasion,” he remarked.
According to Jawadekar, corruption is the result of cash transactions. “Hence, the PM mentions about moving from a cash economy to a less cash economy,” Jawadekar stated. This, Jawadekar said, will lead to country’s progress.
Speaking on this occasion, State TCP Minister Vijai Sardesai, said the success of a cashless economy will occur in Goa only when the local fisher folk transact digitally. He hoped the administration will take steps to make this a reality.
