Bhubaneswar, Dec. 22 (PTI): Niti Aayog vice-chairman Arvind Panagariya today said more such actions were in store to curb corruption while terming Prime Minister Narendra Modi's demonetisation as a "frontal attack" on black money.

"If you are asking that demonetisation is the last step to curb corruption, then I will say no. I think more actions will be taken, but in terms of taking action against the existing black money and also in changing the roles, and the policy regime in such a way that future accumulation of black money is also discouraged... So we need to do both," Panagariya told a local news channel during his visit to Odisha to attend a function.

Stating that he should not speculate on the actions to be taken, the Niti Aayog vice-chairman said the Prime Minister had to decide about this in consultation with his advisors. "We will wait and see...," he said, adding that discussion were on and hopefully some action would be seen in the budget. He said the Union finance minister had already had a commitment to streamline the corporate income tax and hopefully some progress would be made.

"Some progress was made last year. Lets hope more progress in the coming year. So, simplification of taxes and reduction in the tax rates should discourage accumulation of black money," Panagariya said.

Replying to a question on the changing scenario in wake of demonetisation scheme, Panagariya said: "There will be some impact in the 2016-17 fiscal because of demonetisation. We have only the five months left. In the pre-demonetisation, we did okay and the GDP growth was 7.2 per cent. At present, we don't have information to access, but I can tell you that of 13 analysts and observers, 11 said the impact would be less than 1 per cent while two predicted a larger impact," he said.

Asked about the negative impact of demonetisation on the people, Panagariya said: "The people have been with the Prime Minister despite hardships and they are also observing that he is doing it ultimately for the good of the country."

"The Prime Minister has, in fact, done a frontal assault on black money and people are generally supportive of it," he said.