NET News Desk
Arunachal Pradesh Deputy Chief Minister, Chowna Mein attended the continued session of the 42nd GST Council Meeting which was chaired by Union Finance Minister, Nirmala Sitharaman and Union Minister of State for Finance, Anurag Thakur and was duly attended by the Finance Ministers of States and Union Territories.
The key issue discussed was the modalities of meeting the shortfall of the Compensation Cess. The DCM conveyed the opinion of Arunachal Pradesh and fully supported the views of the Union Finance Minister in the meeting.
Govt of India has announced a set of measures to boost consumer spending and capital expenditure. This is the second fiscal support package announced to revive the Indian economy.
In a press briefing today, Union Finance Minister announced measures to support states’ capital expenditure in the current fiscal year.
She announced Rs 12,000 crore in special interest free 50-year loans to be provided to States and Rs 2,500 crore out of which, will go to North Eastern States, Uttarakhand and Himachal Pradesh. 50% of the amount will be given initially, and the balance after the first instalment.
The money has to be spent before March 31, 2021, and can be used to settle supplier bills also. This money will be over and above the existing borrowing limits set for states. The said loan shall be interest free and the repayment shall be after 50 years.
Government of India also intends to provide an additional allocation for capital spending of Rs 25,000 crore as additional budget for capital expenditure. This amount is to be provided for roads, defence infrastructure, water supply, urban development and allocations will be made as part of revised estimates of the budget.
Union Finance Minister addressed the press briefing before conducting the continued session of 42nd GST Council Meeting today