Union Finance Minister Nirmala Sitharaman on Saturday said the Centre is working towards the goal of achieving 8 per cent growth rate, riding on the measures announced in the recent Budget. The macroecomony is strong, evident from the fact that foreign exchange reserves are at their highest and FDI is keeping a steady momentum, she said in an interaction with economists, industry leaders and trade bodies in Chennai.
The equity, bond and currency markets have done well after the Budget presentation. She said the Budget, which proposed to boost the income of Indians and their purchasing power, will act as catalyst to revive domestic economic growth. “Even though there are discussions on whether the economic growth has come down to 5 per cent or 6 per cent from 8 per cent, our base is strong. If not, will the foreign exchange reserve be at the current level? It is higher than ever. Similarly, foreign direct investment is high. If the government’s work is being criticised with a good intention to improve performance, it is good, and we will return to a growth of 8 per cent,” she said. Sitharaman said importers finding difficulty in clearing goods from various ports due to non-arrival of documents because of Coronavirus may approach the finance ministry with details for redressal.
On the grievance that banks are still hesitant to lend to small businesses, she said if banks are denying loans without reason to MSMEs, complainants are welcome to send their complaints by mail to a special centre, which will be announced soon. A copy of it should be sent to the concerned bank manager, she said, adding the Centre is taking steps to plug loopholes in GST mop-up.
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