Nirmala Sitharaman announces Special Festival Advance Scheme
Union Finance Minister Nirmala Sitharaman said during a press conference on Monday that the government is considering increasing consumer spending and capital expenditure to stimulate demand in the economy.
New Delhi: Since the onset of the corona virus epidemic, the economy of India has been very sluggish. India had the world's seventh largest economy in the year 2017, but this time the economy has fallen considerably. To bring it back on track, the Modi government of the Center is making various important announcements.
Meanwhile, the Center has made several important announcements today to increase the demand in the economy.
Government brought this plan to increase demand in economy:
Union Finance Minister Nirmala Sitharaman said during a press conference on Monday that the government is considering increasing consumer spending and capital expenditure to stimulate demand in the economy. She said that the government has brought Cash Bouchers and Festival Advance Scheme of Travel Leave Allowance (LTC).
Finance Minister Nirmala Sitharaman, during the press conference today, talked about the Cash Bouchers Scheme of Travel Leave Allowance (LTC), under which the government employee will be given a cash Boucher, which they will be able to spend. It is believed that by doing this, the economy will also grow. According to the information, PSU and public bank employees will also be able to take advantage of this scheme. Explain that the cash paid to the employees in lieu of LTC will be digitally.
It will be for 2018-21. Under this, the fare of the train or flight will be paid and the tracks will be free. Also, the rent and other expenses of the employee should be three times for this. The Finance Minister said that by doing this the demand of about 28 thousand crore rupees will be generated in the economy through the expenditure of the Central and State employees.
Festival Advance Scheme:
On the other hand, about the Festival Advance Scheme, Finance Minister Nirmala Sitharaman said that this scheme is being started once again only for this year. Under which all types of employees will get an advance of ten thousand rupees. Which they can deposit in ten installments. According to the Finance Minister, this scheme will be available till this financial year i.e. March 31, 2021.