Never spoke of fiscal stimulus to revive growth: Arun Jaitley

There was never any talk by the Indian government about announcing a fiscal stimulus package for boosting the economy, Finance Minister Arun Jaitley asserted.

“I have not used that phrase (fiscal stimulus). I said we will respond to situations and your fraternity translated the word respond as meaning stimulus,” Jaitley told reporters here on Saturday at the end of his week-long official visit to the US.

“So you are the ones who should be answering and not me,” he said adding that since it was the Indian media which had mentioned fiscal stimulus, “you should ask them” about it.

Following a sharp fall in latest key macro indicators such as the Gross Domestic Product (GDP) and industrial production, Jaitley, last month, hinted at a package of measures to boost the economy. But he refused to divulge details, saying the measures would be unveiled only after consultation with Prime Minister Narendra Modi.

“We have taken note of all the economic indicators that are available. This has been a pro-active government on the reforms agenda. I have had a series of discussions with ministerial colleagues and various secretaries.

“The government will take additional measures in the coming days after consulting the Prime Minister. Whenever the measures are taken, you will come to know of it,” Jaitley told reporters in New Delhi following a meeting of the union cabinet.

Jaitley also told reporters here that there is much interest about India in the US and among its investors.

“There is great interest about India in the US and among its investors. Both those inside the government and the US companies have shown great interest in investing in India now,” he said.”

Jaitley, who led the Indian delegation to the annual meetings of the International Monetary Fund and the World Bank, also said that American companies are investing in India in a big way.

“You have Indians investing in the US, you have US companies investing in India. And, in November, a large contingent of US corporates is coming to India to invest,” he said.”