(PTI)
Seeking to boost note ban and GST-hit economy, Finance Minister Arun Jaitley on Tuesday announced a massive Rs 6.92 lakh crore infrastructure spending and another Rs 2.11 lakh crore for bank recapitalisation to revive investments as well as growth. Flanked by all his five secretaries and Chief Economic Advisor, Jaitley reeled out economic indicators to support government contention that GDP growth slowdown has bottomed out and economy is turning around.To boost job creation, the government granted enhanced access of funds for MSMEs, including by way of customising Mudra loans.
A presentation was made at a briefing titled ‘The India Story: Speeding Up For Take Off!’ which highlighted that the economy grew by 7.5 per cent per annum in the three years of BJP-rule since 2014. For last three years India has been fastest growing major economy in the world, Jaitley said. “And our intention is that the high growth economy that India has become, we continue to maintain that position.”
Economy slowed to 5.7 per cent in the April-June quarter of the current, the weakest pace since 2014 as demonetisation sucked out 86 per cent of the currency in circulation throwing cash-dependent businesses in disarray and the implementation of GST from July 1 hit small and medium enterprises.
