The Reserve Bank of India (RBI) on Monday approved a payout of Rs 1.76 lakh crore to the government from its surplus and reserves, after an expert committee chaired by former Governor Bimal Jalan made its recommendations to the central bank. The record transfer, including a surplus of Rs 1.23 lakh crore for 2018-19, will boost the government's finances at a time it strives to tackle a nearly five-year low economic growth with lakhs of estimated job cuts across sectors, and defend its ambitious target of containing fiscal deficit at 3.3 per cent of the GDP. Economists say the payout will likely help the government meet its tax revenue shortfall and fund higher spending.
I don't think it really helps to economic growth. it's just a jumla before the common peoples. The individual spending capacity has gone down and uncertainty is going with common people regarding economic slowdown and all. in another hand, situations like PMC bank, India Bulls, LIC, etc adding oil to the flame, common man wishes to hold his hard-earned money with him. Then the point of economic progress is meaningless without the spending capacity of the common man. The govt should assure the common man for his spending and earning this really help to grow the economy.
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