PM Modi keen on spending-led growth

New Delhi: The newly formed Cabinet Committee on Investment and Growth held its first meeting on Monday as the government looked at boosting spending to bring back a sputtering economy on track.

Sources said Prime Minister Narendra Modi chaired the first meeting of the CCIG, which was set up in June after the BJP won a second term in office.

No details of the decisions taken at the meeting were immediately known.

The Panel has four other members -- Home Minister Amit Shah, Highways and MSME Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Commerce and Railways Minister Piyush Goyal.

The meeting came against the backdrop of GDP growth slowing to a six-year low of 4.5 per cent in the July-September quarter as the twin engines of investment and exports sputtered.

Adding to the woes is a slowdown in consumption. This was the sixth consecutive quarter when the growth rate fell.

Alongside CCIG, a Cabinet Committee on Employment & Skill Development headed by Modi was also constituted in June.