Finance Minister Nirmala Sitharaman has said that fiscal spending will drive the country's economy.
The Finance Minster said BRICS should continue to serve as a platform to engage in dialogues and facilitate the exchange of experiences, concerns, and ideas for rebuilding a sustainable and inclusive growth trajectory. She said this while participating virtually in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under China's chairmanship. The finance minsiter noted that fiscal spending, together with an investment push, will continue to boost India's economic growth, giving the country momentum based on the principle of macro-economic growth complemented by all-inclusive welfare at the micro level.
In the current fiscal year, the government proposes to considerably increase public investment by raising capital expenditure by 35.4 percent to Rs 7.5 lakh crore, or 2.9 percent of GDP.
The Central Bank Governors and BRICS Finance Ministers also discussed other legacy BRICS finance issues like infrastructure investment, New Development Bank, BRICS Contingent Reserve Arrangement (CRA) and so on.
GST revenues up 44-pc at Rs 1.41-La Cr in May