Ups and down in GDP is part of growth process: Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said that the ups and down in the Gross Domestic Product (GDP) are part of the growth process and the centre is responding to the current economic challenges.

A drop in the GDP is part of the growth cycle and the government is aware that it has to respond, said the minister at a press conference in Chennai.

“It’s not that government is not responding with measures to boost GDP. Our full focus is now on how GDP can rise in the next quarter,” she said.

“We will try to frontload infra spending as much as possible,” she added.

“The centre is taking a few steps for the auto component industry and it is conscious on the need to respond to the slowdown in the auto sector,” she said.

The centre will soon respond to the demands of the home buyers, said the Finance.

“Government response on home buyers will be sooner than later”, she said.

On the falling GST revenues, Sitaharaman said collections need more attention and the government needs to widen the tax basket.

Responding on the falling GST revenues, Sitaharaman said that more attention towards collections and the government needs to widen the tax basket.

Speaking on the recently announced bank mergers, she said the effective dates of amalgamations are to be decided by the individual lender boards.

“Banks grappling with low credit off-take. We are taking steps to boost consumer confidence in the market,” she said.

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