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Economy

Watch | To Revive Economy, Govt Should Massively Boost Consumption: Soumya Kanti Ghosh

The group chief economic advisor of the State Bank of India says the government needs to put in Rs 4,750 crore to boost consumption by Rs 3.3 lakh crore.

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Soumya Kanti Ghosh, the group chief economic advisor of the State Bank of India, says that the economy’s “revival strategy…has to be consumption-led” because “private final consumption expenditure fell more sharply than GDP” in 2020-21.

Towards this end, Ghosh has suggested two simple and straightforward schemes which, he says, will together boost consumption by Rs 3.3 lakh crore but only cost the government Rs 4,750 crore.