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Recapitalisation will lead to more growth, jobs: PM Modi

PM Narendra Modi said the government’s recapitalisation plan announced for state-run banks is a historic step that will lead to more investments, more growth and more jobs.

india Updated: Oct 24, 2017 22:39 IST
Indo Asian News Service
Indo Asian News Service
Indo Asian News Service, New Delhi
Recapitalisation,Jobs,Public sector banks
PM Narendra Modi said the government’s recapitalisation plan announced for state-run banks is a historic step that will lead to more investments, more growth and more jobs.(PTI File Photo)

Prime Minister Narendra Modi on Tuesday said the government’s recapitalisation plan announced for state-run banks is a historic step that will lead to more investments, more growth and more jobs.

In a stimulus package aimed to boost flagging economic growth, create more jobs and increase the credit flow, the Union Cabinet on Tuesday approved a recapitalisation plan of Rs 2.11 lakh crore for government banks and a massive road infrastructure investment of nearly Rs 7 lakh crore in five years.

“Historic steps that will lead to more jobs, more growth, and more investment #NewIndiaTakeOff,” Modi said on Twitter.

Pointing out the move’s benefits on his official Twitter account PMO India, Modi said: “Unprecedented PSB capitalisation for more jobs, more growth, more investment, power for all, bringing railways back on track, big push to rural connectivity, infrastructure expansion at an unprecedented scale.”

“BharatMala - connecting India like never before, impetus to road construction, improved global trust in India, increasing self-reliance, consistent control on inflation, ensuring solid fundamentals,” Modi added.

First Published: Oct 24, 2017 22:39 IST