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FM Sitharaman Announces Proposals To Stimulate Demand In Economy

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On Monday, in a press conference to address economic issues, Finance Minister Nirmala Sitharaman announced proposals to stimulate demand in the Indian economy.

 

These measures announced were broadly classified as 1) Consumer Spending 2) Capital Expenditure

FM Sitharaman Announces Proposals To Stimulate Demand In Economy

Speaking first on the state of the economy, Sitharaman said that COVID-19 has adversely affected the economy adding that the Atma Nirbhar Bharat package announced in March and May have addressed the needs of the poor and weaker sections of the country. She said that while supply constraints due to the pandemic have eased, consumer demand has been impacted.

The proposals announced on Monday are for advancing or front-loading of expenditure with offsetting changes later while others are linked to improving GDP.

1) Consumer Spending

LTC Cash Voucher Scheme

Sitharaman said that government employees and many of those working in the organised sector employees have escaped the economic effects of the pandemic, and their protected earnings/increased savings could be utilised to benefit the less fortunate.

Under the LTC (Leave Travel Concession) cash voucher scheme, since the LTC otherwise utilised by government employees in a block of 4 years but cannot be done in the current block of 2018-21:

 
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