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After GDP drop, government plans to boost economy; but no cuts in fuel rates

After India’s GDP dropped to 5.7 percent in the first quarter of the current fiscal year, the government has come up with a formula to rekindle economic growth. Speaking for the government, Finance Minister Arun Jaitley said today that the government will soon be launching a special package to boost the economy. However, Jaitley clearly said that there will not be any changes in the fuel prices, which have been attracting a lot of protests in recent times. Jaitley said that the government has been consistently studying all the economic indicators. He said that the government is pro-active and has a proper reforms agenda in place. He said that he has held various meetings in the past two days to discuss the challenges facing the economy. He had talked to various ministerial colleagues and secretaries.

Jaitley said that the government is close to finalizing the additional measures that are needed to revive the economy. He said that the final outcome will be based on inputs provided by Prime Minister Narendra Modi. He said that an announcement will be made publicly wherever the new package is announced. The government may be planning a stimulus package to revive the economy. A meeting was organized in this regard earlier this week, which was attended by Railway Minister Piyush Goyal, Commerce Minister Suresh Prabhu, Chief Economic Advisor Arvind Subramanian and Secretaries in the Finance Ministry — Ashok Lavasa, Subhash Chandra Garg, Hasmukh Adhia, Rajiv Kumar and Neeraj Kumar Gupta.

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