Finance Minister Arun Jaitley on Saturday said the demonetization process is almost complete, hailing it as the “smoothest possible replacement” of high denomination currency anywhere in the world. 

The minister told an audience of students and academics at the prestigious London School of Economics that it would ultimately lead to far higher growth rates as he described the government's decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a "new normal" in India. 

Speaking on the subject of ‘Transforming India: Vision for the Next Decade’, the minister said India was standing “at a point of history” where the country as a whole becoming “more and more aspirational”.

He also said that “The global economy continues to face its own challenges. Any slow growth in the world impacts us also but 7-8 percent growth rate is the new Indian norm and if we get the support of the global economy, that figure has a scope of shooting up.”

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