Govt working on more measures to boost economy: FM Nirmala Sitharaman

By: |
Published: December 7, 2019 1:20:36 PM

The government has taken several measures during August and September to boost the economy, she said at the HT Leadership Summit here. Besides, she said, the public sector banks have disbursed nearly Rs 5 lakh crore in the last two months to boost consumption in the hinterland.

economy, economy news, FM, Nirmala SitharamanFM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the government is working on more measures to revive the sagging economy. The GDP growth slowed down to more than six-year low of 4.5 per cent in the second quarter of the current fiscal from 5 per cent recorded in the first quarter.

The government has taken several measures during August and September to boost the economy, she said at the HT Leadership Summit here. Besides, she said, the public sector banks have disbursed nearly Rs 5 lakh crore in the last two months to boost consumption in the hinterland.

“So there are ways in which for giving stimulus for consumption. We are adopting a direct method and also the method through which we are spending on infrastructure, whose spill over can go to core industries labour and so on,” she said.

Asked if there could be more measures announced to bolster economic activity, she said, the government is working on more. On the Goods and Services Tax (GST) the Finance Minister said, the rate structure will have to be decided by the GST Council. Eventually, the rates have to be rationalised, she added.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Tighter RBI norms for ARCs to buy assets
2Coal-based power plants’ PLFs remain muted in November
3Donald Trump will make final call on China tariffs, likes direction of talks, says Larry Kudlow