In the midst of economic slowdown, Finance Minister Nirmala Sitharaman has said that everyone is concerned about the economy. I’m just doing my work.
Finance Minister Nirmala Sitharaman met the media on Friday amid economic slowdown. During this, he also gave a statement on the state of the country’s economy. He said that what is the status of economy, I do not want to get into this debate. I’m just doing my work. With this, Nirmala Sitharaman said that everyone is worried about the economy.
Earlier the press conference was started by the Chief Economic Advisor Krishnamurthy Subramanian. During this, he told that he also mentioned the decisions and achievements taken by the government to boost the economy. According to Subramanian, the economy is moving towards a $ 5 trillion economy. For this, we have a well-planned strategy.
Referring to the decisions of the government after the presentation of the general budget last July, the Chief Economic Advisor said that 17 proposals have been approved under the Credit Guarantee Scheme. Whereas in 2 months 61 thousand crores of PSUs have been repaid. At the same time, 17 proposals worth 7657 crore have been approved. Apart from this, 2.5 lakh crores have been spent in 9 months on rail, road etc. 4.47 Lakh Crore awarded to NBFCs / HFCs. He said that the corporation has been given a loan of 2.2 lakh crores. While a board has been formed to ban bank fraud.
Live: Union Finance Minister @nsitharaman addressing the press at the National Media Center in New Delhi
– PIB Hindi (@PIBHindi) December 13, 2019
Important booster dose of government so far
– In order to give a boost to the economy, the government had cut corporate tax in the last September. Under this, domestic companies will be charged 22 percent income tax without any exemption. At the same time, after adding surcharge and cess, the company will have to pay 25.17 percent tax. The benefit of this is expected to be available to the big companies of the country, which fall in the 30% corporate tax slab.
The government, while giving relief to the domestic companies making new investments, said that the businessmen who have established a manufacturing company from October 1, will have to pay tax at the rate of 15 percent. At the same time, the tax rate will be 17.10 percent after surcharge and cess.
In the last September, the government announced to set up a bank ‘loan fair’ in different cities of the country. Through this, the employees of the bank organize camps in different areas and distribute loans. Its purpose is to provide loans to entrepreneurs, farmers and other needy people.
With this, the government talked about giving a fund of 10 thousand crores to boost real estate. This fund has been announced to be given to those incomplete projects in which 60 percent work has been done. In addition, a special window will be made for the fund required to buy a house.
– Government announced merger of 10 banks including PNB. The government says that this will strengthen banks and increase their lending capacity. At present, investment of companies is being affected due to the weak lending situation of banks. Apart from this, there was also talk of giving 70 thousand crore rupees to the banks.
– Central government is emphasizing on disinvestment. Under this, the government recently gave Bharat Petroleum Corporation Ltd. (BPCL) has approved the sale of stake in 5 government companies. Apart from this, the government is going to reduce the stake in many companies.
Financial condition is not good
Talking about the economic situation of the country, there are continuous setbacks. Recently, the GDP figures for the second quarter of the current financial year (2019-20) were released. Accordingly, the GDP figure has reached 4.5 percent in the second quarter. This is the biggest decline in any one quarter in almost 6 years. At the same time, other figures including core sector, industrial production, inflation rate are also not good for the economy.