Rs 9 lakh cr booster for economy

New Delhi : Amid growing criticism of the government’s handling of the economy, the Modi government today unveiled a massive stimulus package to boost growth and jobs, revive private sector investments and assuage MSME concerns through a Rs 2.11 lakh crore bank recapitalisation and a Rs 6.92 lakh crore road-building programme, including Bharatmala. This is expected to create 14.2 crore man-days of jobs. Finance Minister Arun Jaitley said the Indian economy was on a strong wicket with sound macro-economic fundamentals, yet some areas needed a boost. “The government has finalised a roadmap. The macro indicators remain strong. We want India to remain a high-growth country although when transformational reforms are undertaken there is short-term impact,” he said. Through detailed presentations, Finance Ministry officials laid out macro economic indicators which, they said, were sound and that the India story was ready for a takeoff with GDP growth poised for a turnaround. The government, in the final lap of its term and under pressure to show results in growth and jobs, is clearly focusing on enhancing public spending to help lending for small businesses and to revive private sector investments.