Recapitalisation will lead to more growth, jobs: Modi

New Delhi Oct 24 (IANS) 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.

--IANS
sid/tsb/bg