- PM Modi visit USAOnly the mirror in my washroom and phone gallery see the crazy me : Sara KhanKarnataka rain fury: Photos of flooded streets, uprooted treesCannes 2022: Deepika Padukone stuns at the French Riviera in Sabyasachi outfitRanbir Kapoor And Alia Bhatt's Wedding Pics - Sealed With A KissOscars 2022: Every Academy Award WinnerShane Warne (1969-2022): Australian cricket legend's life in picturesPhotos: What Russia's invasion of Ukraine looks like on the groundLata Mangeshkar (1929-2022): A pictorial tribute to the 'Nightingale of India'PM Modi unveils 216-feet tall Statue of Equality in Hyderabad (PHOTOS)
The 18-year-old, Chirag Chikkara clinched a gold medal in the men’s freestyle 57kg categ
- FIFA president Infantino confirms at least 9 African teams for the 2026 World Cup
- Hockey, cricket, wrestling, badminton, squash axed from 2026 CWG in Glasgow
- FIFA : Over 100 female footballers urge FIFA to reconsider partnership with Saudi oil giant
- Ecuador ready to make history against Uruguay: Beccacece
- Divanshi wins second gold as India sweep women's 25m standard pistol at Lima Junior Worlds
Increase infrastructure spending to revive economy: Chidambaram Last Updated : 06 Sep 2020 03:31:43 PM IST Former Union Finance Minister P. Chidambaram Former Union Finance Minister P. Chidambaram has advised the government to increase spending in infrastructure to revive the Indian economy, as the GDP has contracted by 23.9 per cent in the first quarter of the 2020-21 fiscal.
In a series of tweets, the senior Congress leader said that some "concrete steps to stimulate demand and consumption" to revive the economy include transfer of cash to the poorest 50 per cent of the families, food grain to families requiring it, and increased spending on infrastructure projects."The food grain stock should be used to pay wages in kind and massive public works started, which will re-capitalise the banks to enable them to lend, and pay the arrears of GST compensation to the states," the senior Congress leader added.He said that the economic revival will need money. "Borrow and don't hesitate on this."Here are are some concrete steps to raise money:
— P. Chidambaram (@PChidambaram_IN) September 6, 2020
1. Relax the FRBM norm and borrow more this year
2. Accelerate disinvestment
3. Use the offer of USD 6.5 billion by IMF, WB, ADB etc
4. As last resort, monetise part of the deficit
4. Use food grain stock to pay wages in kind and start massive public works
— P. Chidambaram (@PChidambaram_IN) September 6, 2020
5. Re-capitalize banks to enable them to lend
6. Pay the arrears of GST compensation to the States
All of the above will need money. Borrow. Don’t hesitate.
The Covid-induced economic turbulence and measures to curb its outbreak have heavily dented India's economy and plunged the country's GDP to (-) 23.9 per cent during the first quarter (Q1) ended June 2020-21 on a year-on-year basis.On Thursday, Union Finance Minister Nirmala Sitharaman had directed banks to roll out resolution schemes for Covid-related stress by September 15.
IANS New Delhi For Latest Updates Please-
Join us on
Follow us on
172.31.16.186