On Tuesday, Finance Minister Arun Jaitley announced a massive plan to spend nearly Rs 14 lakh crore on infrastructure and banking in the next two years. He made this announcement after the Union Cabinet cleared the Rs 7 lakh crore Bharat Mala highway project aimed at building 83,877 kilometre highways. The package also included a massive infusion of Rs 2.11 lakh crore into public sector banks in order to provide them share capital for lending and reviving investment, needed for job creation in the economy.
It is true that, on the ground level, small and medium traders and entrepreneurs have, of late, been facing difficulties, first, due to demonetization, and second, due to the GST scheme. These two factors have adversely affected business and industry. The Opposition, on cue, raised the issue of unemployment. Tuesday's big package announced by Arun Jaitley was meant to give a concrete reply to the naysayers.
The infusion of Rs 2.11 lakh crore into public sector banks is bound to give a fillip to the economy, mostly to medium and small scale entrepreneurs, who are in need of loans. This, in turn, will create massive job growth. Naturally, when highways, housing and railway get fresh infusion of funds, it will give a big boost to the economy. The Modi government has named this New India Takeoff plan. On our part, we will keep a close watch on the implementation of this plan, and let our readers and viewers know, how much and in what manner it has progressed.
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