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Govt to announce more measures to boost economy: Nirmala Sitharaman

The government has recognised that consumption needs a boost, says Nirmala Sitharaman.

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Updated: Aug 29, 2019, 07.19 PM IST
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There will be more announcements on measures to boost economy in coming weeks: Nirmala Sitharaman
There will be more announcements on measures to boost economy in coming weeks: Nirmala Sitharaman
The government will announce more measures to boost the economy in the coming weeks, Finance Minister Nirmala Sitharaman said on Thursday.

At a press conference in Guwahati, she said that the government has recognised that consumption needs a boost. “Spending on infrastructure will be a priority,” she added.

The FM said the interactions with industry representatives and stakeholders were going on. “We can frontload some public spending by the government,” Sitharaman said.

Sitharaman added that Narendra Modi administration is a responsive government and will come back with answers asked by the various groups.

Union Cabinet on Wednesday eased foreign direct investment (FDI) norms for various industries such as single-brand retail, coal mining, contract manufacturing and digital media.

It allowed 100 per cent foreign direct investment (FDI) via automatic route in coal mining and ancillary activities.

The Cabinet also approved export subsidy for 60 lakh tonnes of sugar, providing relief to sugarcane farmers, Union Environment Minister Prakash Javadekar said at the media briefing.

The sugar export subsidy will cost the government Rs 6,270 crore, and should now provide support to sugar prices.

Last Friday, Sitharman had unveiled a slew of measures ranging from a rollback the additional surcharge on foreign portfolio investors (FPIs) and domestic investors which she had introduced at the Union Budget in July, to immediate recapitalisation of public sector banks (PSBs) and a bouquet of measures to ease a taxpayers’ woes.

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