SITHARAMAN HINTS AT STIMULUS PLAN

After bankers, finance minister meeting representatives of automobile, capital markets, real estate and MSMEs this week

The government is seeking suggestions from industry on ways to revive the economy, finance minister Nirmala Sitharaman said, suggesting that a stimulus plan could be in the works. Measures to do so could be implemented “fairly quickly” thereafter, she said. “We are getting inputs from various sectors and trying to respond, so that confidence of those sectors is restored,” the minister said. “The essential idea behind the meeting is to hear from them and quickly after that come up with something which can help them.”

She was responding to queries about the government’s response to the slowdown after meeting officials of public and private sector banks in the capital on Monday. She’s meeting representatives of the automobile, capital markets, real estate, and small and medium enterprises sectors this week. Growth in the eight key core sectors slowed to 0.2% in June, the lowest since December 2015. Automobile sales have touched decadal lows.

“We want to show that we have heard them and we will respond to them,” Sitharaman said. “Whether all their expectations I’ll be able to meet or not… and certainly come with responses, having heard each one of them.”