Monday, 24th February, 2020


Arun Jaitley: Less no of jobs means less cash with the youth and it will help India become a cashless economy

07, Sep 2017 By Santosh Pradhan

In a scathing letter to Arun Jaitley, the Congress last month attacked the Union Finance Minister over massive loss of jobs following demonetisation, branding the move as a “surgical attack against the poor”. According to the Congress party, demonetization has not only had negative effect on economic growth but has not helped in curbing the problem of unemployment in the country. Arun Jaitley at one of the press conferences yesterday made it clear that though unemployement rate is increasing, it will help India become a cashless society in the future.


Arun Jaitley explained his point in detail and said,” Less number of jobs means less cash with the youth to spend. This way there will be overall reduction in circulation of cash in the economy and help us become a cashless economy in future. Once the economy becomes cashless up to a greater extent, we will then start focusing on creating employment opportunities for the youth. Though currently it is a challenge for the youth to cope with unemployment, they will reap in the benefit once they learn the importance of  becoming cashless.”

Though Arun ji din’t provide any timelines for action to be taken on unemployment issue, he did mention that first black money has to be curbed and once the results are positive government will quickly start work on the unemployment issue and that is the reason extra focus has been given towards the skill development ministry and results will soon start appearing.

Congress meanwhile has a counter viewpoint that curbing black money doesn’t mean one has to completely cut off access to any money. The party has planed some strong protests over unemployment in the next parliament sessions.