Shadow economy refers to the production of and trade in goods and services that are deliberately and often illegally concealed from public authorities.
SBI will be a global player, controlling 25 percent of the Indian banking industry, after the merger with its associate and subsidiary units, Finance Minister Jaitley said in an exclusive interview to CNBC-TV18.
Asserting that the government is working to expand digital transaction at a great pace despite criticism, Finance Minister Arun Jaitley today asked Opposition not to eulogise the virtues of cash as it leads to temptation for shadow economy.
Delivering the Second Transforming India Lecture organised NITI Aayog here on Wednesday, Gates said that shift to digital transactions will enhance transparency and reduce leakages.
The government's to ban on Rs 500 and Rs 1000 currency will have a negative impact on consumption in the country, says Sanjay Mookim, Director, India Equity strategy, Bank of America Merrill Lynch.