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Govt to increase spending to provide momentum to economy: FM

By Religare
|

The Indian Government has said that it is looking to increase public spending to provide momentum to the economy since private investment is yet to kick in, media reported.

Commenting on the issue, Finance Minister Arun Jaitley told the media, "We are trying to ensure that the difference between Budget estimates and revised estimates, as has been the practice in the past, is not there. If at all, revised estimates may be a bit superior to the Budget estimates. Some green shoots of recovery were visible. That is why, additional amounts are being spent as far as the revised estimates are concerned."

 

"In an adverse situation, we can touch 8 per cent (growth) if banks are recapitalised, GST (goods & services tax) implemented, stalled projects revived and infrastructure spending improves," he added.

As per reports, the Government has already proposed Rs 25,500 crore of extra spending through the supplementary demand, nearly half of which will go towards capital support to banks.

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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