Increase infra spending to revive economy: Chidambaram
Published By : Prameya News Bureau | September 06, 2020 IST
Share
New Delhi, Sep 6: 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." 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)
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Neha’s murder not a case of love jihad: Siddaramaiah
Congress Leader Tajinder Singh Bittu resigns from Party
LS Poll 2024: PM Modi set to embark on campaign trail in Maharashtra & Karnataka today
BSF seizes Chinese-Made drone & heroin packet near Indo-Pak Border
Patient awareness and interaction programme marks World Liver Day at AIIMS Bhubaneswar
Air India suspends flights to Tel Aviv till April 30 over Iran-Israel conflict
Vice Admiral Dinesh Kumar Tripathi appointed next Chief of Ind. Navy
Air India suspends flights to and from Dubai till April 21
Lok Sabha polls: BJP expecting its 'best show in South', says HM Amit Shah
Senior IPS officer Nalin Prabhat appointed as new NSG DG
Lok Sabha polls: World’s tiniest woman casts vote in Nagpur
Tamil Nadu records 12.5 pc voting in first two hours
Lok Sabha polls: PM Modi links 'dholak', Mohd Shami with Amroha's pride
Lok Sabha polls: 15 pc voter turnout recorded in MP's six LS seats in first two hours
Lok Sabha polls: Rajasthan CM Bhajanlal Sharma casts vote
Lok Sabha polls: Nitin Gadkari casts vote in Nagpur, says BJP will cross 400 seats
Lok Sabha polls 2024: Will register historic win in TN, says state BJP chief K. Annamalai
LS polls 2024: PM Modi to campaign in UP, MP and Maharashtra today
Vice-Admiral Dinesh Tripathi appointed as new Navy Chief
Lok Sabha Elections 2024: Tamil Superstar Ajith Kumar sets early example by voting