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Finance Minister Nirmala Sitharman on Monday announced a Rs 12,000 crore interest-free 50-year loan to states for spending on capital projects in a bid to boost the economy.
In a bid to stimulate demand in the economy, the government on Monday announced giving out cash vouchers to central government employees this year in lieu of leave travel concession (LTC) fare which could be spent only on buying non-food GST-rated items.
We estimate that the measures announced today, for boosting consumer spending and capital expenditure, will boost demand by Rs 73,000 crore, to be spent by March 31, 2021, says Finance Minister Nirmala Sitharaman.
The second part of the Centre's plan to boost consumer demand is a one-time restoration of the festival advance for central government employees through the Special Festival Advance Scheme. This is expected to generate at least about Rs 8,000 crore of demand.