December 18, 2016 7:07 AM

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Budget to focus on higher spending to boost economy: Jaitley

Union Finance Minister Arun Jaitley has said that infrastructure investment needs a booster and his next Budget in February will focus on encouraging more public as well as private spending to boost economic growth.<br/><br/>Speaking at private television event, he said India aspires to become a developed economy from a developing economy and a 7 to 7.5 per cent GDP growth does not satisfy its requirements. <br/><br/>He said spending more and now is the focus. He added that infrastructure spending certainly needs a booster. The Finance Minister said, there is a long-term potential of more resources getting into the system and that is going to<br/>be the top priority. Mr Jaitley said, the government is likely to advance the date of Budget presentation for 2017-18 to February 1 next year as against the usual date of February 28.<br/><br/>On the impact of demonetisation on the economy, the Minister admitted that altering this normal is extremely disruptive but in the long run there will have a higher GDP, a higher revenue and probably far cleaner economy and far cleaner public life. He further said it was a courageous decision to withdraw 86 per cent of the paper currency, replace it and then say that replacement will now be substantially and significantly in digital.

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