"With the GST, initially there was some pain. But in the larger picture the GST is going to revolutionise Indian banking system. As a result, the country's economy will change," Naidu said at the 11th Global Healthcare Summit organised by American Association of Physicians of Indian Origin (AAPI) here.

Naidu also said while some people have criticised demonetisation, the move taken on November 8, 2016, has ensured that all the undisclosed cash in the country comes back to the banks.

"I can say one thing about demonetisation or remonetisation that the money that was hidden under the bed or inside the bathrooms before has come back to the banks. The money has come to the bank with its address. Now it up to the Reserve Bank of India to decide, how much is white money and how much is black money," he observed.

The Vice President also praised the people of the country for putting up with the trouble with depositing their money after demonetisation and termed the situation as "short term pain for long term gain".

"The common people have a lot of common sense. They realised its impact. Otherwise standing in queues for 51 days for your own money is no joke. Any improvement in the system is for the benefit of the common people," he added