Nirmala Sitharaman said that the dips and raise in the GDP growth does happen and is a part of the growth. She added that the government is not underestimating the slow GDP growth and has full focus on how it can rise in the next quarter.
Finance Minister Nirmala Sitharaman has said that the government is not underestimating the slow GDP growth and has full focus on how it can rise in the next quarter. She added that the dips and raise in the GDP growth do happen and it is a part of the growth, however, she also mentioned that the government is conscious that it has to respond. Given the current shape of the economy, the money has to come from multiple windows. She added that Rs 100 lakh crore is needed to be invested in the infrastructure for which a task force has been constituted who will find out the way to front-load the money.
Speaking on the occasion of 100 days of the Prime Minister Narendra Modi led government, she also underlined that the revenue collection will have to be given attention and the basket needs to be widened, with the states and the centre working together on the issue. Speaking on the other issues, Nirmala Sitharaman highlighted that the government provided 8 crore gas connections under PM Ujjwala Yojana. The Finance Minister has applauded the decision to revoke article 370 from Jammu and Kashmir, calling it a long term dream of BJP.
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Talking about the slowdown in the automotive industry, the FM said that the industry may have been affected by several things, inclusive of BS-VI norms, higher registry fees and the mindset of taking the metro, or cabs. However, she added that she is constantly interacting with the representatives of the different sectors of the country and has promised to come up with more relief measures in the near future. A few decisions taken lately by the finance ministry include recapitalisation of PSU banks with Rs 70,000 crore, the recommendation for interest cuts, the merger of PSU banks, and the withdrawal of the surcharge on FPI investors.
Speaking about the 100 days of the Modi led government, Union Minister Prakash Javadekar had said that quick decisions have been taken for the betterment of the country. Prime Minister Narendra Modi also mentioned that the first 100 days had seen development, trust, and big changes. Retaliating on the Prime Minister’s comment, the Congress party said that the first 100 days can be defined by three letters, which are tyranny, chaos, and anarchy. However, the growth of the Indian economy slipped to a 6 year low in the current fiscal’s first quarter and the Indian rupee again became one of the weakest currencies in Asia.