P Chidambaram advises govt on financial revival

Tribune News Service

New Delhi, September 6

Congress chief and former finance minister P Chidambaram on Sunday provided recommendation to the federal government on methods to revive the financial system by spurring demand and consumption and revive the financial system.

Chidambaram strategies included switch of money to the poorest 50 per cent of households, provide meals grain to all households, those that want will take it and improve spending on infrastructure initiatives.

He additionally requested the federal government to make use of meals grain inventory to pay wages in variety and begin huge public works, recapitalise banks to allow them to lend, pay the arrears of GST compensation to the states.

“All of the above will need money. Borrow. Don’t hesitate.” The former finance minister additionally tweeted some steps to boost cash.

“Relax the FRBM norm and borrow more this year, accelerate disinvestment, use the offer of USD 6.5 billion by IMF, WB, ADB and as last resort, monetise part of the deficit,” mentioned Chidambaram.

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