Arun Jaitley: This Era will be remembered as faster formalisation of economy

Finance minister Arun Jaitley on Friday said India is at present passing through a stage that will in future be recognised as a phase of fast formalisation of the economy.

Speaking at a State Bank of India (SBI) event here, he said India is seeing "the replacement of a cash dominated economy with a more formal and digitised economy. One of the great changes will be the way India spends its money".

The move towards digitisation was expedited post demonetisation of higher denomination currency notes, he said.

"Today we are passing through a changing process for the Indian economy. Ten to twenty years later when the era is written about, it will be talked of as a phase with much faster formalisation of the economy," he said.