Government to spend Rs 37,000 crore, give sops to spur festive demand
NEW DELHI: Finance minister Nirmala Sitharaman on Monday announced additional allocation of Rs 37,000 crore towards capital expenditure, and put money into the pockets of go nment employees ahead of the festival season, hoping to trigger demand of Rs 1 lakh crore in her latest bid to revive economic activity.
The much-awaited “stimulus”, however, did not contain measures to address the lack of demand in sectors such as hospitality and tourism that have been hit hard by Coronavirus with demand remaining tepid even after opening.
PM Narendra Modi had held consultations with his top economic advisors as far back as July on boosting spending on core sector projects in a bid to spur demand for cement, steel and other inputs, which culminated in Monday’s announcements.
Centre hopes states, pvt cos too will offer LTA scheme
Along with the conditions, Sitharaman has placed a lot of reliance on state go nments and the private sector taking a cue from the Centre to and come up with similar schemes.
The additional capex and leave travel concession and festival loan benefits for central go nment employees come with riders, and the impact will depend on how many employees opt for this scheme.
For instance, the Rs 25,000 crore allocation for additional capex by March-end will be made for defence infrastructure, roads, water supply and urban development, provided the equipment is manufactured locally.
There was another Rs 12,000 crore support to the states, which is to be provided in the form of interest-free loans for 50 years. But the rider is that the money has to be spent by March and there is a Rs 2,000 crore allocation for states which meet three of the reform criteria announced earlier such as power sector reforms or one-nation one ration card related initiatives.
译文来源：三泰虎 http://www.santaihu.com/p/51045.html 译者：Jessica.Wu
Another way to fool public. 12% or more than that of 37,000 crore will come back to go nment by way of GST on goods purchased.The go nment is not bothered about those who lost employment in COVID in addition to those who were unemployed before covid .
Dr. Subramanian Swamy must be made the Finance Minister of India immediately to revive the economy and generate employment & growth.
continue all this kind of vote bank politics when election is near
Though it is a returnable sop, but timely help at this festive season was hugely appreciated
As Dasera and Deepavali festivals are round the corner these sops for govt employees would boost spending power
FM First submit detail account of 20L crore Jhumla package. No election stunts till then.
wow!! You make your economy grow by giving money to already overpaid govt employees. Wonderful!! A less than 1% govt employees who barely works 4 hours a day, been enjoying full salary doing nothing since March, and now this. Can you believe this? And other 99% has no role in growth of economy?
哇! ! 公务员的工资已经过高了，还给他们发钱来刺激经济增长。这主意绝了! !
Central staffers already overpaid. Does not help the common man. Why not pay salary to Doctors & nurses.
They won becoz of mass trust of people.. These policies will fail becoz of mass mistrust n betrayal of govt
Govt worker never spends private company employee spends FM must do some homework
This is joke.. Central go nment employee will have lots of money to spend but no money for poor or middle class. I always gave vote to Bjp but this time i wish bjp will loss
Yes your right, BJP will be soon voted out of Power. they had enough made all of us fools..humari bhool Kamal ka phool
I won't get even a single paisa benefit
Bogus! Relief only for go nment employees- what about the general public? So this so called stimulus package will also fail to stimulate economy
Nothing is expected of govt.
What about migrant labourers who lost their jobs? Restaurants, gyms, salons, Street vendors who lost livelihood for quite some time? What about private hospital nurses and doctors working day and night?
It come out to be Rs 300 per head
We middle class are left to die by our own.
Just reduce Income tax by 5% to 7% and see the impact both in financial terms and psychological terms.