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    Budget 2019: 'Government Will Follow An Expansionary Fiscal Policy'

    As the Narendra Modi government gets ready to present its first full Budget of the current term on July 5, Gopal Krishna Agarwal, the BJP's National Spokesperson on Economic Affairs, says the focus will be on more efficient revenue realisation rather than increasing the tax burden. Agarwal, a qualified chartered accountant, tells Business Today's Joe C. Mathew that Budget 2019/20 is likely to prioritise infrastructure spending to strengthen agriculture, rural economy and job creation. Edited excerpts:
    by Joe C Mathew Jun 24, 2019 5 minutes

    India's GDP growth rate has slowed to 5.8 per cent in the March 2019 quarter, taking the overall growth for 2018/19 to 6.8 per cent. What are the immediate steps needed to steer the economy back to higher growth?

    Our macroeconomic parameters like inflation and current account deficit are on sound foundation. This gives space to the RBI (Reserve Bank of India) to cut interest rates. If it (rate cut) is properly transmitted, consumption and investment demand will pick up. This is going to be effective in the short term. There are some areas of concern in the medium term. Manufacturing has to be developed, particularly the MSME (micro, small and medium enterprises) sector. Its potential for employment generation (another area of concern) is huge. All bottlenecks preventing capacity expansion need to be removed. Along with strengthening manufacturing and employment generation, the government will also focus on increasing the agriculture sector income and doubling it

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