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After months of criticism over condition of the economy, the Finance Ministry on Friday came up with a list of measures taken in recent months to arrest the slowdown and put the economy on a growth trajectory.
The Finance Ministry had organised a presentation for the media to give details about the measures taken by the government to boost consumption and pull the economy out from a six-year low growth. Finance Minister Nirmala Sitharaman presided over the conference which was addressed by Chief Economic Advisor KV Subramanian and Revenue Secretary Ajay Bhushan Pandey.
Sitharaman said her ministry is working (on economic issues) “wherever it is needed” and added that she will continue to address the problem of the industry as and when it is required.
During the presentation, Subramanian highlighted the record Foreign Direct Investment (FDI) inflow. “The evidence of measures to boost investment is actually seen in the record FDI inflows – US $35 billion in the first half of 2019-20 as against US $31 billion during the same period last year. It’s a good sign of foreigners seeing India as a very important destination,” he said.
He highlighted the measures taken by the government to implement a planned economic strategy like supporting Micro, Small and Medium Enterprises (MSMEs) via bill discounting, enabling retail credit by supporting non-banking financial companies (NBFCs) and housing finance companies (HFCs).
Subramanian said the government has focused on clearing all past dues of Public Sectory Undertakings (PSUs); “in fact, dues worth Rs 61,000 crore were cleared in the past two months,” Subramanian said.
As much as Rs 4.47 lakh crore has been sanctioned to non-banking financial institutions and housing finance companies to support retail lending, he said, adding that 17 proposals amounting to Rs 7,657 crore had been approved under partial credit guarantee scheme.
Also, 66 per cent of budgeted capex of Rs 3.38 lakh crore has already undertaken, he said.
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