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- Amid concerns about the country’s dipping Gross Domestic Product (GDP) during the first quarter of FY20, Union Finance Minister said that the dip and rise in GDP was part and parcel of growth and that the government was acting to boost the economy.
- About GDP growth rate reaching 5% in one quarter, I don’t want to negate or compare it with anything else earlier. But, it is useful for us to remember that such dips and rise in GDP growth do happen. I’m not underestimating it and we are not sitting without responding to do something to boost it.
- Addressing an event on ‘Furthering India’s Development — 100 days of Bold Initiatives & Decisive Actions’ of the Centre, she said there have been instances in the past when the GDP has dipped too.
- To a query on the financial experts’ criticism of the Union government for receiving payouts to the tune of ₹1.76 lakh crore from the Reserve Bank of India, she said the government had also acted on the advice of a committee of experts.
- The Centre would spend funds up to ₹1 lakh crore for infrastructure in the next five years.
- As for the growing distress in the automobile sector, she said her Ministry was continuously engaging in talks with the industry to see how best it could help it.
- Though there has been demand for a cut in GST rates in the automobile sector, she said only the GST Council can take a decision.
- To a question, she said the date of bank mergers would be decided by the boards of the respective banks.
- She said she has appointed a task force to identify various infrastructure projects where the government could pump in funds to boost consumption.