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Finance Minister Nirmala Sitharaman Monday announced two sets of measures to generate consumption demand and boost capital spending in the economy. The measures announced by the government, along with participation of states and the private sectors, are, according to the government, projected to create “additional demand” of Rs 1 lakh crore in the economy. Sitharaman said supply constraints in the economy have eased, but consumer demand is still affected.
The ministry has decided to allow government and private sector employees to use their Leave Travel Concession tax-free benefit for various types of purchases subject to certain conditions while an interest-free festival advance of Rs 10,000 is being given to government employees. Measures have been announced to step up capital expenditure by the Centre and the states.