Fresh economic reforms undertaken by the government would create a tax paying society that would raise funds to invest in social security and employment generating projects, Minister of State for Finance Arjun Ram Meghwal has said.

Meghwal, who was here to visit a local event, said the digital transition and GST, which it aims to roll out by July 1, would take the country to new economic heights.

2017 will be remembered as 'year of economic reforms', the minister told media persons on Saturday.

The fresh economic reforms would create a tax paying society that would raise government's revenue and funds to invest in social security, developmental and employment generating projects, Meghwal said.

On raising the tax slab from 2.50 lakh to 3 lakh, Meghwal said the move will largely benefit the small scale industries.

The reduction (of 5 per cent) in tax slab would increase the number of tax payers and the people who earlier avoided paying tax would come forward for the same, he said.

'A tax paying society' would be coming up in the time to come, he added.

Further, the minister said, in Budget, efforts have been made to bring transparency in political funding along with 4 lakh crore for revenue instead of plan or non-plan, capitation expenditure and one crore new houses for the poor. It is a historical Budget.

Reserve Bank of India (RBI) has recently issued 10 fresh banking licences that would enable banking facilities to reach to the areas with less than 10,000 population, he informed.

Now, in far off villages also banking facilities will be available, he assured.

The efforts by the government to strengthen banking infrastructure are underway, he said adding, the people in time to come are not required to fill long forms to open a bank account. By just stamping thump print, they can get an account opened.

On demonetisation, Meghwal said, the shadow economy that had been prevalent in the country has been worst hit by the move.