Union Finance Minister Arun Jaitley speaks on note ban at Petrotech 2016, excerpts:

* India was counted among fragile five just 2.5 years ago with high inflation, current account deficit, fiscal deficit and lack of policy directive.

* Clarity on economic reform roadmap led to India being called bright spot in global economy.

* Driving economy on twin engines of higher public investment and foreign direct investment.

* Most issues regarding goods and services tax sorted out; only one major issue is pending and it is expected to be resolved in near future.

* Demonetisation disrupted 7-decade normal of society looking the other way to corruption/black money.

* Earlier mindset of policymakers was that just be dishing out a few favours to the affluent you can bring changes in the country's economy.

* Economic changes don't happen overnight, but the road map and agenda for them can always be laid.

* Decision of this kind has pain in transition, which is regrettable but had been factored in.

* Most remarkable factor in the last two and a half years is the emergence of an aspirational India.

* More money in banking system, more capacity of banks to support economy, more transactions under taxation post demonetization.

* We are hoping issue of cross-empowerment will be resolved and GST will be implemented from April 1.

* Indian economy in long term is headed for a very major change; culture of decision making has changed.

* India is going to become a society in the long term with a certainly better GDP, a cleaner economy

* The PM had an option of doing what many others have done look the other way. That was an easier option. He chose the harder option.

* I am sure that this harder option will certainly leave footprints behind as far as future is concerned.