LIVE: Have to create stronger banks to catalyse pvt investment, says govt
Govt announces two major programmes to boost economy:
The first is an extensive road-building programme, Bharat Mala, which will lead to jobs and growth
The second is a massive recapitalisation of public sector banks, which will encourage the lending of credit to business enterprises
Public sector banks to be capitalised by 2 lakh, 11 thousand crores
We have to create stronger banks to catalyse private investment, says govt
Govt says 2.2 crore familes to get homes
The biggest component of the road-building programme is the Bharat Mala programme; 34,800 kms of roads to be built, says finance secretary Ashok Lavasa
Government has decided on the steps needed to sustain growth momentum, says Jaitley
India has remained the world's fastest-growing large economy for the past three years, says Jaitley
"When results of the GDP of first quarter came out, I had said that we will be ready for the response," says Jaitley
Finance minister Arun Jaitley will be holding a press conference today at 4 pm, at which he is expected to make a "major announcement".
The buzz is the announcement will have something to do with the planned booster shot for the economy.
The booster shot has been talked about for some days now, with news reports saying Jaitley was getting a stimulus package ready for the economy.
The government has been getting a lot of flack of late over the state of the economy, with its critics blaming its two flagship schemes -- demonetisation and GST -- for tearing the economy to shreds.
India's GDP growth has consistently fallen over the last six quarters.
Jaitley had met Prime Minister Narendra Modi on Monday to apprise him on the state of the economy.
WION will update you live as Jaitley's press conference begins.