Nirmala Sitharaman announces LTC cash voucher, special festival advance schemes for government employees to boost consumer spending

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Thecountry’s GDP or gross domestic product contracted a record 23.9 per cent in April-June perio

Finance Minister Nirmala Sitharaman announced Travel (LTC) cash voucher and special festival advance schemes for government employees in an attempt to stimulate demand and boost consumer spending ahead of the upcoming festive season. The Finance Minister made these announcements while addressing media on the economic issues facing the country in wake of Covid-19.

 Under LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment and 3 times ticket fare to purchase items that attract GST of at least 12 per cent.

The finance minister’s press conference comes at a time when the country’s GDP or gross domestic product contracted a record 23.9 per cent in the April-June period as the quarter fully captured the damage caused by the coronavirus pandemic-related restrictions, and is expected to shrink an overall 9.5 per cent in the current financial year by the Reserve Bank of India. 
 

Author: ApnayOnline

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