Breaking News

You are here » Indian-Commodity  :  Economy  :  GST, Note ban biggest contributors to India's GDP growth: Subhash Garg

25-Oct2017

GST, Note ban biggest contributors to India's GDP growth: Subhash Garg

Economic Affairs Secretary Subhash Garg has said that the reforms initiated by the government like demonetisation and Goods and Services Tax (GST) have been biggest growth contributors. He also indicated that the economic slowdown that the Indian economy is going through has bottomed out and the country's GDP is poised to grow from here on. Talking about the recently flashed inflation numbers, he said that it has consistently come down since 2014 and will not cross 4 percent in the financial year 2018.

On fiscal deficit, Garg further said that the government is committed to sticking to the target of 3.2 percent of GDP for this fiscal but a review would be done in December. Adding further, he noted that the government has already spent Rs 11.47 lakh crore on capital expenditure, more than half its target for the fiscal year. He also stated that the increased government spending has been targeted in a manner, which will bring in more investment and spur growth. 

Pointing at effective and targeted spending, Economic Affairs Secretary has said that quality infrastructure is a main priority of the government. He also said that government will spend Rs 7 lakh crore in road infrastructure over the next five years and also mentioned that construction of new roads under the BharatMala programme will take place along with entail construction of 34,800 km of roads.



Related News

View all news

RBI's board to set up expert committee to examine ECF

The Reserve Bank of India's (RBI) Board meeting concluded on a cordial note. In the high profile meeting, which came amid the differences between the government and the RBI, the board agreed to ease liquidity......

RBI to infuse liquidity worth Rs 8000 crore through purchase of G-secs under OMO

Amid recent liquidity concerns, the Reserve Bank of India (RBI) has decided to infuse Rs 8,000 crore through purchase of the government securities (G-secs) under Open Market Operations (OMO) on November......

Investments through P-notes hit over 9-year low of Rs 66,587 crore in October

The share of foreign portfolio investments (FPI) through participatory notes (P-notes) in domestic capital markets has declined to nine-and-a-half year low of Rs 66,587 crore at the end of October. According......

Top News

View all news

Jumbo Finance gets shareholders' nod to increase borrowing limits up to Rs 30 crore

Jumbo Finance has received an approval to increase Borrowing Limits of the company up-to Rs 30 crore. The shareholders of the company at their meeting held on November 19, 2018, approved the same.Jumbo......

Alembic Pharma gets USFDA's nod for Vardenafil Hydrochloride Orally Disintegrating Tablets

Alembic Pharmaceuticals has received an approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Vardenafil Hydrochloride Orally Disintegrating Tablets,......

SRF expects total Rs 28 crore quantum of damage due to Cyclone GAJA

SRF is expecting a total Rs 28 crore quantum of damage caused, based on the initial assessment. The disruption of operations was due to Cyclone GAJA at the plant of Technical Textiles Business (Viralimalai)......