The GST Council is also set to consider steps to ease the compliance burden for traders and businesses. A ministerial panel has pitched for extending the quarterly filing of returns facility to all taxpayers.

Demonetisation had scrapped 86 per cent of the currency in circulation, leading to cash crunch across the country, which gradually eased with remonetisation.

The government had on November 8 last year scrapped Rs 500 and Rs 1,000 notes from the economy in a bid to fight blackmoney, corruption, fake currency and terror funding.

Amid a spate of claims and counter claims by the government and the opposition, we try to make sense of the true impact of demonetisation one year since PM Modi's November 8 announcement.

Arun Jaitley said that next generation will view post November, 2016 national economic development with a great sense of pride as it has provided them a fair and honest system to live in

Finance Minister Arun Jaitley today addressed a press conference on the eve of one year of the government's demonetisation decision.

"It is then only appropriate that the Prime Minister now graciously accept this monumental blunder and seek support from all to rebuild our economy for the larger good of the nation and her youth."

The Council, headed by FM Arun Jaitley, is scheduled to meet on November 10 to consider lowering of the 28 per cent GST rate on certain common use items, government officials said.

Jaitley said the Congress has used terrorists to defeat “one man” in the state in past three elections in Guajarat.

Arun Jaitley also targetted Rahul Gandhi over his recent remarks on the GST, saying he firmly believes that the Congress vice-president has no knowledge of the subject.

In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020. The sector has been growing at the rate of 12 per cent annually.

Failure or success of any start-up also depends on the idea that drives it, Finance Minister Arun Jaitley said when asked why several Indian start-ups have failed over the past three years.

Targeting Finance Minister Arun Jaitley, Gandhi said the "entire country will shout to say that there is no ease of doing business in India".

Prime Minister Narendra Modi's target to take India amongst the first 50 is doable and can be achieved, said FM Arun Jaitley

Jaitley also said that Prime Minister Narendra Modi’s vision of taking India to top 50 in the ‘ease of doing business’ index was a doable task.

The strong focus on measures to better the law and order situation comes in the backdrop widespread protests over the of Kotkhai rape and murder case and other incidents.

P Chidambaram also targeted PM Narendra Modi over "hasty" implementation of the GST, and his pet bullet train project.

Finance Minister Arun Jaitley noted that the pace of reforms may be slow at times, but “we are convinced about the direction.

Defending Chidambaram, Congress' chief spokesperson Randeep Singh Surjewala said that J&K is an integral part of India and ‘will always remain so unquestionably’.