Friday, November 27, 2020
Home Business Borrow extra to stimulate demand, revive financial system: P Chidambaram to Centre...

Borrow extra to stimulate demand, revive financial system: P Chidambaram to Centre – India News , Firstpost

The senior Congress chief sought transferring money to the poorest 50 % of households and paying arrears of GST compensation to states

New Delhi: Former Union finance minister P Chidambaram on Sunday steered the federal government to borrow extra to assist stimulate demand and revive the nation’s financial system.

The senior Congress chief additionally steered some measures to boost cash which embody stress-free FRBM norms, accelerating disinvestment and borrowing cash from international banks.

As a part of his measures to revive the financial system, he sought transferring money to the poorest 50 % of households, providing them foodgrains and rising spending on infrastructure, in addition to paying arrears of GST compensation to states.

“Here are some concrete steps to stimulate demand/consumption and revive the economy: Transfer some cash to the poorest 50 percent of families. Offer food grain to all families, those who need will take it. Increase spending on infrastructure projects. Use food grain stock to pay wages in kind and start massive public works. Recapitalize banks to enable them to lend and Pay the arrears of GST compensation to the States,” he stated on Twitter.

Chidambaram has been urging the federal government to take concrete measures to revive the financial system and has referred to as upon it to supply GST compensation to states, as promised to them on the time of GST implementation.

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