India's growth will touch new heights after demonetisation, GST: FM Jaitley

Union Finance Minister Arun Jaitley on Thursday said India will be in a new growth trajectory once the demonetisation and GST issues are settled.

"There are difficulties in implementation of demonetisation and Goods and Services Tax (GST). The country will see growth once the difficulties are over," Jaitley said while addressing a seminar on `Indian economy - The new normal` organised by the BJP Odisha unit here.

He said Prime Minister Narendra Modi has redefined a new normal for India by taking such bold steps.

He said some changes that are taking place currently look difficult in present context but have a huge potential to bring changes in the long run.

The Minister also said that despite the pain and difficulties following demonetisation, there has been an overwhelming response by the people towards the decision.

"The difficulties due to demonetisation will remain for some days. It will be eased following the remonetisation process being taken up," said Jaitley.

"He said it was difficult to take such a bold decision and implement it."

He said India is changing fast towards a cashless society with people having 80 crore credit and debit cards presently and out of which 45 crore cards are in active condition.

Speaking on the GST, he said the law has to be implemented latest by September 16, 2017.

"If not in April, the GST has to be implemented by September 16. If it is not implemented by the time, states will not be able to collect their share of taxes. There is not enough scope to further delay the decision," the Minister said.