new Delhi. Former Finance Minister P Chidambaram on Sunday exhorted the government to increase spending on infrastructure to bring the economy back on track. Explain that the country’s GDP has fallen by 24 percent in the first quarter of the current financial year. Through a number of tweets, Chidambaram said, to improve the economy, it is necessary to increase demand.
Cash transfer is necessary to 50% of poor families. Not only this, along with sharing of free food grains, it is also necessary to increase the expenditure on infrastructure. He said that the grain lying in the warehouses can also be used to make payments. By spending this way on public works, the financial condition of the bank will improve and they will be able to give more and more loans. He said that money would be needed to revive the economy. The government will have to take a loan for this.
Do not hesitate to take a loan
He said that a lot of money would be required for all these works. For this, they should not hesitate at all in taking loans to the government. He suggested to the government that some concrete steps could be taken to raise funds for the government.
Steps will also be taken
The government will have to simplify the provisions of FRBM. More debt will have to be raised this year. Disinvestment has to be accelerated. Use the $ 6.5 billion offer from the International Monetary Fund, World Bank, Asian Development Bank, etc. At the same time, he said that monetize the fiscal deficit, that is, take the money directly by giving bonds to the Reserve Bank.