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The income-tax department said that it had processed 21 million refunds for the current assessment year 2019-20 as on November 28, 2019, a 20% year-on-year jump(Getty Images/iStockphoto)

Loans worth Rs 5 lakh cr, rise in income tax refunds may push up spending

By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 04, 2019 09:39 AM IST
The loans push is part of the government’s efforts to revive demand in a slowing economy. Data released on Friday showed that the economy expanded by 4.5% in the second quarter (ending September 30) of 2019-2020, the lowest rate of growth since March 2013.
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