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LTC benefit scheme will not help economy: Congress

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New Delhi, Oct 12 (IANS) The Congress on Monday criticised the expenditure stimulus extended by the government to government employees ahead of the festive season as the party said that this is not going to help the economy.

Addressing a press conference, Congress leaders Gaurav Vallabh and Praveen Chakraborty said that “the LTC is to boost hospitality and tourism industry and now the government is asking to spend LTC on FMCG sector.”

This means that the government is ignoring the tourism sector and killing it, they alleged.

Vallabh said that “the GDP estimates which was -6.8 by SBI some months back has now put it at -10.9 so this means that government is not able to do anything to revive the economy.”

In the festive season, the government employees will receive an interest-free advance of Rs 10,000 each that will help generate demand worth Rs 8,000 crore in the Covid-affected economy. Employees will get a pre-loaded RuPay card of the advance value, which they would have to spend by March 31, 2021.

The amount spent would be recoverable in 10 instalments. The bank charges for the issue of card will be borne by the government.

With a view to boost consumer demand and revive the economy which has been subdued amid the pandemic, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures to stimulate expenditure by the public.

As per the minister, the scheme would ensure digital mode of payment, resulting in tax revenue and encouraging honest businesses.

But unlike the LTC scheme, consumers would be free to spend the amount on items of their choice irrespective of GST applicability.



(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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