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RBI Should Help Government Revive Stalled Projects, Says Piyush Goyal

Railway Minister Piyush Goyal did not elaborate however as to what help the government wants from the Reserve Bank of India, which did not lower the key interest rate yesterday at its fourth bi-monthly monetary policy review of the current fiscal.

PTI

Updated:October 5, 2017, 7:11 PM IST
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RBI Should Help Government Revive Stalled Projects, Says Piyush Goyal
File photo of Union minister Piyush Goyal (File Image: Getty Images)
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New Delhi:  As the government looks for a booster shot for the faltering economy, Railway Minister Piyush Goyal on Thursday said the Reserve Bank should help reignite stalled projects by creating a framework for restarting them.

"They (RBI) should also help us to reignite the stalled projects. The stalled projects need funding and I think if we can get the support of RBI to help create a framework by which this stalled project can be restarted, we would love to start them yesterday," he said.

Goyal was speaking on the sidelines of the India Economic Summit of the World Economic Forum (WEF).

He did not elaborate however as to what help the government wants from the Reserve Bank of India, which did not lower the key interest rate yesterday at its fourth bi-monthly monetary policy review of the current fiscal.

It also lowered the growth projection to 6.7 percent for 2017-18, from its earlier estimate of 7.3 percent.

With demonetisation and implementation of GST slowing down the economic growth to a three-year low, Asia's third-biggest economy is looking at measures to create jobs.

Reviving stalled projects is one such measure.

"The good part is this government, led by Modi, is in fiscal stimulus mode right from 3.5 years. Our pace of implementation has been a nature of the stimulus. This is a government which has been giving stimulus continuously, we don't need any time-frame... We continue to persevere to add value to the economy," he said.

The government has been battling wide-spread concerns over growth slowing to 5.7 percent in April-June, the weakest pace since 2014 when BJP came to power and is working on a stimulus package to revive the economy.

 
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Puja Menon
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