Gurmurthy piece in The Hindu
His contention:
The balloon of HDN was expanding in dangerous proportions. This needed to be reined, otherwise Indian Economy was doomed by 2021. This was a reset.
The growth during UPA years was jobless growth powered by HDN, via high asset price and high private consumption.
Interestingly he faults Govt late introduction of Income declaration scheme late in the day, otherwise this could have fetched 2-3 lacs Cr in tax.
Now he states 45K Cr is black money is already unearthed and 2.9 lacs Cr in under scanner, the yield is far more than any earlier income declaration.
Following demonetisation, there are 56 lakh more assessees, advance tax receipts have gone up by 42% and self-assessment tax risen by 34%. It has also led to an attack on benami assets. Even as intelligence agencies note a 50% drop in hawala-related calls post demonetisation, nearly 2.24 lakh shell companies that have been used for hawala have been uncovered; 35,000 have been found laundering ₹17,000 crore; one of them, ₹2,484 crore.
Everyone has their numbers.