Health Care

Arun Jaitley says stressed bank assets a 'concern' for economy

Arun Jaitley says stressed bank assets a 'concern' for economy”

The government has acknowledged that GDP growth in Q1 was dragged lower due to destocking by manufacturers prior to the introduction of the GST (Goods and Service Tax) on July 1. He assured lenders of all help they need from the government.

Addressing the annual general meeting of Indian Bank Association in Mumbai, Jaitley said: "Early days of GST are going smoother than expected".

The decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said.

Business Today had earlier reported that as private capital expenditure has always been muted following demonetisation and the hasty implementation of India's biggest tax overhaul, and the government is expected to announce a big capital allocation for public sector projects in the stimulus package. "We are analysing the economic indicators and appropriate action will be taken at right time", the Ministry of Finance quoted Jaitley as saying in a tweet.

He said the number of people coming under the network itself is now likely to expand gradually. Adding to the woes was the lingering effect of demonetisation and implementation of Goods and Services Tax.

Growth in the country slowed to a three-year low of 5.7 per cent in the quarter that ended in June, and Mr Jaitley said on Wednesday that the government was looking for ways to speed it up.

On demonetisation, Jaitley today said it was a conscious effort to alter the saving and spending pattern of Indian society, which was largely cash dependent.

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