As alarm bells ring, Jaitley hunts for new way to keep panic at bay

GDP growth: As alarm bells ring louder, Jaitley hunts for new economic remedy to keep panic at bayBy Anirban NagFinance Minister Arun Jaitley said India needs to find a balance between fiscal prudence and spending — and there’s no need to panic — as he tries to dig the economy out of its deepest slump in three years. The federal shortfall was at 92 per cent of the full-year target in the first four months of the fiscal year started April 1 compared with 74 percent in the previous year. Citing leaky airport toilets and loss-making highways, he urged the government to sell large infrastructure projects and called on companies to expand into the global market. The reform — one of India’s biggest since the economy opened to foreigners in 1991 — was a win for Jaitley and promises to unite India’s 1.3 billion people into a massive common market. IndiGo, India’s biggest commercial airline, said in June it was willing to buy Air India’s international operations, or even the entire airline business, while travel and aviation firm Bird Group is among companies that have shown interest in bidding for the carrier’s ground handling business.

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