Totackle a nearly five-year low economic growth with thoudands of job loss acrossdifferent sectors, the Reserve Bank of India (RBI) on Monday approved a payoutof Rs. 1.76 lakh crore to the government from its surplus and reserves.

Thedecision was taken after an expert committee chaired by former Governor BimalJalan made its recommendations to the central bank.

Accordingto experts, the payout will likely help the government meet its tax revenueshortfall and fund higher spending.

It may be mentioned here that several economists have also lowered their growth projections for the economy in 2019-20.