India has capacity to implement demonetisation decision : Arun Jaitley

"The Government took a courgeous step of high value currency ceasing to be a legal tender. India has the capacity to enforce these decisions and experiment boldly," Jaitley said while addresing captains of Indian industry at the 89th Annual General Meeting of of FICCI.is "

The Finance Minister said at a time when the world economy is  slowing down, " It is necessary for countries to determine their own course themselves" and that is why the Brexit vote surprised many and the US elections saw "a lot of cynicism in vote."

"If you look at India, it is a refreshing change," he said, adding this decision decides several other implications.

The Minister's remark came in the background of a sharp criticism of demonetisation that certain quarters, including leading economists, view as a move not sustainable with the kind of system and infrastructure the country's economy has.

Jaitley said the Indian economy is not what it was three years ago, when it was "regarded as part of fragile 5" as it is "one of the fastest growing major economies in the world."

Referring to the Government's ambitious Goods and Services Tax (GST) regime, Jaitley said state legislatures are currently in the process of drafting amendments which Parliament will have to pass for new legislations.