Finance Minister Nirmala Sitharaman Saturday said that the government has made scattered attempts to alleviate economic concerns over the last three months. The FM stated that the union government has taken 36 steps to revive the economy.
Her remark came a day after India's GDP growth rate slowed down to 4.5 per cent in the July-September quarter of this fiscal.
Speaking at an event in Mumbai, FM Sitharaman added that the Partial Guarantee Scheme (PRS) will help to revive the banks. The PRS was announced in this year's budget for non-banking and housing finance companies (NBFCs and HFCs) under which state-run banks (PSBs) can purchase their assets.
She added that the government's 'Make In India' programme proved to be attractive for foreign firms, resulting in the establishment of new industries in the country that were moving out of China.
Further, over Rs 2.5 lakh crore of loans were disbursed during the bank loan outreach programme held during the weeks of Navratras and Diwali, the FM added. She also said that the government has cleared all the dues of SMEs.