Finance Minister Arun Jaitley on Wednesday said the government is considering additional measures to bolster economy that has hit a three-year low of 5.7 per cent in the first quarter of the current fiscal. The minister said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi.
Jaitley has held a series of meetings in the last few days with some of his ministerial colleagues and senior government officials to take stock of the situation and firm up steps to push up growth.
“We have taken note of all economic indicators which are available… the government will take any additional moves which are necessary. I am not in a position to announce today in the press conference. I will be certainly consulting the prime minister before that and when we decide, you will come to know,” he told reporters here.
He further said this is a proactive government and has been reacting to the situation as when the situation demanded.
“We have been taking appropriate actions… we have been consistently moving on the reform agenda,” he stressed.
Two years ago, India was touted as a rare bright spot in a gloomy global economy, with GDP growth outpacing a slowing China.
But since early 2016, GDP growth has fallen for six consecutive quarters, slumping to a three-year low of 5.7 per cent in the April-June quarter, with India losing the fastest growing economy tag to China for the second straight quarter.
Sectoral reasons and action points would be prepared, sources said, adding that high-level discussions with ministries such as the railways to assess the capital requirement for the year have been held and more such meetings would follow.
“We have taken note of all indications which are coming and over the last two days, I have had a series of discussions with some of my colleagues, secretaries and other experts within the government,” the minister said.
On Tuesday, he had a two-hour long review meeting that was attended by Commerce Minister Suresh Prabhu, Railway Minister Piyush Goyal and Niti Aayog Vice-Chairman Rajiv Kumar.
Besides, Additional Principal Secretary to the Prime Minister P K Misra, Commerce Secretary Rita Teaotia, secretaries in the finance ministry and Chief Economic Advisor Arvind Subramanian were part of the deliberation.