Beijing, September 3: K.V. Kamath, Chairman, New Development Bank of BRICS, on Sunday said that demonetisation achieved the goals of eliminating illicit and counterfeit cash from the economy. According to Kamath, apart from the primary goal, several other systemic goals have been achieved in terms of pace of digitisation and ability to track money.Also Read - Cyclone Jawad To Hit Odisha, Andhra Pradesh Tomorrow, NDRF Deploys 64 Teams in 3 States | Key Points

Kamath emphasised that although economic growth has faced a slowdown, it is transitionary and will normalise. “There are a whole lot of positives as far as its impact on economic growth is concerned, the slowdown in economic growth is transitionary and it will come back,” ANI quoted. Also Read - Delhi-Dehradun Economic Corridor: You Will Soon Reach Delhi From Dehradun in Just 2.5 Hours | All You Need to Know

Praising Prime Minister Narendra Modi’ s decision to demonetise the Rs 500 and Rs 1000 currency notes, he said he is of the opinion that people need to see what is the accounting of the money that has returned to the system. He said, “So many other systemic goals that have been achieved in terms of pace of digitization, ability to track money which itself will be acting as a curb on various things and clearly counterfeit money that was in the system has been eliminated.” Also Read - GST Collection In November Soars To Over Rs 1.31 Lakh Crore

He also talked about the newly implemented Goods and Services Tax (GST) and termed it as India’s biggest piece of economic reform. According to ANI, he said the new tax system will be positive for the economy on all accounts.

On the economic outlook of BRICS Summit, he said it is the largest contributor to global economic incremental growth that is happening and over two third is arriving from BRICS countries. ANI quoted him, “As far as economic momentum in various countries (is concerned), sometimes going at a faster rate and sometimes dropping, this is to be expected because economic growth ultimately is measured on a long run rate.”

” In India, there is a talk of (a) slowdown , there is so much of opportunity that growth certainly will happen and so it is with other BRICS countries, growth will come back in these countries and BRICS importance to the world in terms of economic context will be strong,” he added.

Kamath further said, “If I look at both these countries, there is enormous scope for a need for things to be done, and as they get done, growth should come back ,if you look at India ‘s case, it is transitionary , In China’s case, the government has clearly said that ‘new normal’ they have achieved with growth I believe that normal will be held.”

With ANI inputs