Govt Needs to Bring Credibility to Data, Says Nirmala Sitharaman Amid Diminishing Faith in Official Figures
Asked if there could be more measures announced to bolster economic activity, Nirmala Sitharaman said the government is working on coming up with fresh measures to revive the pruning economy.
File photo of Finance Minister Nirmala. (Image: PTI)
New Delhi:Finance Minister Nirmala Sitharaman on Saturday said the government is working on more measures to revive the sagging economy.
The GDP growth slowed down to more than six-year low of 4.5 per cent in the second quarter of the current fiscal from 5 per cent recorded in the first quarter The government has taken several measures during August and September to boost the economy, she said at the HT Leadership Summit here.
Besides, she said, the public sector banks have disbursed nearly Rs 5 lakh crore in the last two months to boost consumption in the hinterland. "So there are ways in which for giving stimulus for consumption. We are adopting a direct method and also the method through which we are spending on infrastructure, whose spill over can go to core industries labour and so on," she said.
Speaking on the recent controversies over the delays and revisions of crucial figures, the finance minister said the government needs to "bring credibility to data". "No doubt we need to bring credibility back on the data," Sitharaman said.
Sitharaman's comments are the first tacit admission by a top government official that there are deficiencies in the way it collects data. However, she added that there is no need to suspect or cast a shadow of doubt on every date the government releases.
Asked if there could be more measures announced to bolster economic activity, she said, the government is working on more.
On the Goods and Services Tax (GST) the Finance Minister said, the rate structure will have to be decided by the GST Council.
Eventually, the rates have to be rationalised, she added.
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