Economy on revival path: Finance Ministry

The Finance Ministry on Tuesday said that macro-economic indicators have begun to show a positive trend and the structural reforms are contributing to growth.

Underlining the important role of States in boosting economic growth, Minister of State (Finance) Jayant Sinha stressed on the need to increase social sector spending and increase Capital expenditure and at the same time strive to remain on path of fiscal consolidation.

The issue was discussed at the first meeting of Principal Finance Secretaries of States that was organised by the Finance Ministry on Tuesday.

“Access to financial services; Direct Benefit Transfers (DBTs); removing distress in agriculture by encouraging investment and solving credit issues and tackling the problem of unplanned urbanisation among others were also discussed,” said a Finance Ministry release.

The meeting, which was attended by officials from 29 States and two Union Territories, was organised in the backdrop of the Fourteenth Finance Commission’s recommendations.

“The deliberations would help the government to understand States finances better; implementation and governance issues; inclusive and sustainable development; fiscal consolidation; gender budgeting,” said Finance Secretary Ratan Watal.

Senior Finance Ministry officials including Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuli Chib Duggal and Chief Economic Adviser Arvind Subramanian also attended the meeting.

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