Govt’s multi-pronged strategy boosting growth, demand: FinMin Sitharaman

Finance Minister Nirmala Sitharaman informed Parliament on Monday that the government has undertaken a multi-pronged strategy to stimulate the growth of consumption in the economy through a combination of demand-supporting measures, income-enhancing supply-side strategies and structural reforms which, in turn, is driving GDP growth.

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In a written reply to a question in the Lok Sabha, she said that policy measures such as the new income tax exemption for annual incomes up to Rs 12 lakh, recent GST rate cuts, continued emphasis on ease of doing business, skilling, employment generation, and infrastructure development, along with expanded access to credit through schemes like MUDRA and PMSVANidhi, are expected to boost consumption in the economy.