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Spending on infrastructure creates instant jobs, says Finance Minister Nirmala Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman has said that she has opted for an infrastructure spending route that creates instant demand for jobs.

“You spend on infrastructure, you create a capital asset, whose effect will be on the economy for the next couple of decades. It gives you instant jobs. It triggers demand for core industry products and therefore, moves to trigger the virtuous cycle. So, I went on this route,” Nirmala Sitharaman said in an interview with the Economic Times.

In consideration of PSU banks mentioned in the budget, talking about the privatization, the Finance Minister noted that the government will reach out to the stakeholders of the state-owned enterprises in order to make them believe that their pensions and other interests are all safe and secured.

She also observed a directional shift in the financial plan. A little change in the directional shift proves that the government cannot alone trigger the economy. Also, the private sector was included in every discussion made during the announcement of the budget.

“The priority for the government was to bring a budget that would supplement the stimulus,” Nirmala Sitharaman said.

She further said that the government will look into the recommendation of merging 12% and 18% rates under GST and moving forward to a three lab structure.

“We will definitely be talking about it whenever the council finds it fit, sooner I suppose. Whether it will be the next meeting itself, I can’t speak for the council as yet. We’ll have to see,” the Finance Minister said. 

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