Govt. continues to support growth

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Govt. continues to support growth

After the third wave of COVID 19 the government will continue to support economic growth, Chief Economic Advisor Anantha Nageswaran said on Friday. The government has taken various measures - including lowering taxes, the continuation of privatisation, setting up institutions for sequestering bad loans and managing them, and launching an asset monetisation drive to strengthen the real economy. Nageswaran said while speaking at a media event organised by a media house, the government is committed to making sure that the growth impulse that we have regained after the third wave is not surrendered. The government spent 5.92 lakh crore in the previous fiscal, while the capital expenditure was budgeted at Rs 6 lakh crore. For the current financial year, if the government can execute the capital expenditure of Rs 7.5 lakh crore, then that is the biggest real economic intervention, he said. He said that the banking industry has a very important role in sustaining the current growth scenario and turning the country's relative advantage into a source of absolute growth advantage over other nations.