- Sitharaman’s statement in Rajya Sabha signals budget will aim to boost the economy
- Sitharaman said the moderation in growth in FY19 was primarily due to slower growth in the farm and allied sectors
The government will take immediate steps to arrest the slowdown in economic growth and encourage manufacturing, finance minister Nirmala Sitharaman said in a written reply to questions by lawmakers on Tuesday, just days before she presents the Union budget.
Sitharaman’s statement indicates the National Democratic Alliance government is likely to announce measures to boost business confidence and attract private investments that the economy needs to accelerate growth in the budget to be presented on Friday. She may also offer incentives that will encourage job creation, especially in labour-oriented sectors such as textiles and real estate.
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The Modi administration, which had drawn criticism in its previous term for disruptions in economic activity caused by the 2016 currency ban and the initial glitches in the roll-out of the goods and services tax, is consulting economists and chief ministers before drawing up a road map for economic reforms for the next five years.
“Economic growth is high on the agenda of the government. Various reforms are being undertaken by the government in many spheres to improve GDP growth… Further, to give focused attention to issues of growth, government has constituted a five-member cabinet committee on investment and growth chaired by the Prime Minister,” Sitharaman said in her written reply to a question in the Rajya Sabha.
Source: Livemint
