Need bold reforms to transform economy: Arun Jaitley

New Delhi: Finance Minister Arun Jaitley on Wednesday said that bold reforms are required to transform economy.

Speaking at the 8th edition of Vibrant Gujarat Summit in Gandhinagar, Jaitely said, "India needs bold decisions, time now to clean up table."

Jaitley said that India was substantially a non tax-compliant society and demonetisation can lead to more formal banking transactions, thus nudging the society towards more compliance.

"We are substantially in terms of taxation, a non-compliance society. The narrowness of our tax base is realised by the data. Formal transactions can lead to higher revenues, and make us more compliant," Jaitley said.

"Difficult decisions initially pass through difficult phases," he added.

Jaitley said that excessive paper currency has its own vices, it leads to its own temptations.

Stating that GST and demonetisation will boost growth, the finance minister said that its impact will be seen this year. Talking on the demonetisation of high value currency notes, FM added, " After transient impact, demonetisation will lead to cleaner and larger GDP".