"Announcements today are highly appreciated. For Auto, there were three broad reasons for a slowdown – poor sentiment, availability of finance and transaction cost for buying vehicles. The announcement today will go a long way in improving sentiments because it shows that the government is listening to the industry. I think the financing concerns have been more or less taken care of by the announcements. Not much for reducing transaction cost but several other measures that will incentivize vehicle purchase and also remove some of the unfounded fears such as BSIV vehicle registration.
Overall I applaud the steps taken today. The FM has said, “more to come”. The scrappage policy will be a big boost. Will wait and see."
- Pawan Goenka, MD of M&M
Key takeaways from FM Nirmala Sitharaman's announcement
In a bid to provide a stimulus to a flagging economy, Finance Minister Nirmala Sitharaman on Friday announced a slew of measures. She said the Indian economy is well on the growth track and looked to quell fears of growth stagnation.
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WATCH | Finance Minister Nirmala Sitharaman's press conference
Inter-Ministerial Task Force is being formed by DEA to finalise pipeline through which various infra projects will get funded
Enhanced surcharge on FPIs removed: Sitharaman
Giving in to the demands of overseas investors, Finance MinisterNirmalaSitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget.
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Angel Tax exemption to benefit 21,417 startups in India
Next week we will be coming with one more set of announcement: FM
"Next week we will be coming with one more set of announcement. You may expect us to talk to you twice more in the near future," says Niramal Sitharaman.
Finance Minister Nirmala Sitharaman on measures towards increasing capital flows and energizing financial markets
Measures to boost economy: Automotive sector
India's GDP expansion higher than global growth: FM
Seeking to dispel doubts over the economy and government's growth agenda, Finance MinisterNirmalaSitharaman on Friday said India's GDP continues to grow at a faster pace than the global economy and any other major economy.
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Measures to boost economy: Increasing capital flows and energising financial markets
All pending GST refunds to MSMEs will be sorted out within 30 days: Nirmala Sitharaman
NBFCs to be permitted banks to authenticate Aadhaar KYC: FM
Additional liquidity support to HFCs of from Rs 20,000 cr to Rs 30,000 cr: FM
Banks to offer better transparent one time settlement policy in order to benefit MSMEs
Measures related to Banks/NBFC's/MSME
Banks have decided to pass on rate cuts through MCLR reduction to benefit all borrowers. Banks have agreed to launch repo rate linked products. This will lead to lesser EMIs for customers.
Taxation measures to boost economy
Making India a hub for Start ups: Withdrawal of Sec 56(2)(viib) of IT Act Dedicated cell at CBDT for addressing challenges of startups
Relief from enhanced surcharge on Long term/short term Capital Gains
Income Tax orders, notices, summons, letters, etc through centralized system only
CSR violations not to be treated as criminal offense
I want to assure that this government doesn't want to pursue anything in the name of persecution: FM
We want resolution, not prosecution... CSR will be treated only as a civil matter, not a criminal matter, says Nirmala Sitharaman.
There will be faceless scrutiny of tax returns: Nirmala Sitharaman
Finance Minister to meet the GSTN to remove further glitches in the system
Finance minister vows to make GST simpler.
Finance Minister Nirmala Sitharaman enlists the measures taken by the current government in various department of the Ministry of Finance.
Reforms is continuous agenda of this current government: FM
The currentglobal GDP growth is projected at 3.2% and is expected to be revised downwards: FM
Trade war between US and China has created volatility globally: FM
The globalsituation is very clear... Moreover, many organisations have said that global demand is going to be very week. India is still doing better.
Moody's cuts India GDP growth forecast to 6.2 pc in 2019
Moody's Investors Service on Friday cut India's GDP growth forecast for 2019 calendar year to 6.2 per cent from the previous estimation of 6.8 per cent.
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Economy needs a larger push: RBI guv
The economy needs a larger push. The current scenario no longer needs a business-as-usual approach, Reserve Bank of India (RBI) Governor Shaktikanta Das had flagged this concern in the beginning of the month itself, much before the government went into a huddle with industry and bankers, and softened its stance towards wealth creators.
FM to meet press at 5 pm amid stimulus expectations
Finance Minister Nirmala Sitharaman will hold a press briefing on Friday evening, a government spokesman said, amid expectations that the government would announce steps to revive economic growth.
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CEA’s stimulus remarks spook markets
Is the government serious about a stimulus package for industries battling an economic slowdown? The yes-no approach seems to have put markets on the edge, as the equity market tanked on Thursday.
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NITI for unusual steps to deal with economic slowdown
Government think tank Niti Aayog on Thursday made a case for extraordinary steps to deal with the unprecedented stress in the financial sector which has resulted in an economic slowdown in the country.
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Parle may cut up to 10K jobs as slowdown bites
Parle Products Pvt Ltd might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a company executive said on Wednesday.
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Oyo plans to cut 150-200 sales jobs
Oyo sent pink slips to about 60 salespeople at their New Delhi and Gurgaon offices on Monday. A similar number are likely to be let go at other locations, including Pune and Mumbai.
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Govt gets into stimulus mode to fight slowdown
The Centre is gearing up to fight economic slowdown with fiscal stimulus. To start with, public sector banks have cut interest rates on housing, auto and other personal loans to boost consumer demand well before the festive months of Dasara and Diwali.
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