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.
Sitharaman reiterated the government's commitment towards wealth creators by striving to increase Ease of Doing Business and Ease of Living.
Here's a lowdown on the Finance Minister's announcements:
1) CSR violations decriminalised; such violations will be treated as civil offences
#CSR violations not to be treated as criminal offense @PMOIndia @FinMinIndia @PIB_India #GovtBoostsEconomy pic.twitter.com/VMEtXpA7mX
— Rajeev kumar (@rajeevkumr) August 23, 2019
2) Rs 70,000 crore will be released to PSBs
#GovtBoostsEconomy
Measures related to Banks/#NBFC's/#MSME 's (1) pic.twitter.com/ngcjhpWJmw— PIB India (@PIB_India) August 23, 2019
3) Enhanced surcharge on FPIs and domestic investors, which was introduced in Budget 2019, rolled back
Relief from enhanced surcharge on Long term/short term Capital Gains @PMOIndia @FinMinIndia @PIB_India #GovtBoostsEconomy pic.twitter.com/Sg9MJsDaHp
— Rajeev kumar (@rajeevkumr) August 23, 2019
4) Angel tax on startups registered with DPIIT withdrawn
Making India a hub for #StartUps. Withdrawal of Sec 56(2)(viib) of IT Act Dedicated cell at CBDT for addressing challenges of startups; Sec 56(2) (vii)(b) to not apply to DPIIT registered startups; @PMOIndia @FinMinIndia @PIB_India #GovtBoostsEconomy pic.twitter.com/TmnRyrSoBs
— Rajeev kumar (@rajeevkumr) August 23, 2019
5) Ban on purchase of new govt vehicles withdrawn
6) Home loans, car loans to get cheaper
Government goes all out to boost purchase of houses, vehicles and consumption goods; approves additional liquidity to support HFCs by NHB taking the total to Rs 30k crore: Union Minister @nsitharaman #GovtBoostsEconomy pic.twitter.com/fKCETDIdYx
— PIB India (@PIB_India) August 23, 2019
7) Banks to pass on interest rate cuts to customers in a timely manner
Banks have agreed to LINK REPO RATE TO INTEREST RATE; this will cause reduced EMIs for housing and vehicle loans and other retail loans: Union Minister @nsitharaman #GovtBoostsEconomy pic.twitter.com/9h6pKgmWke
— PIB India (@PIB_India) August 23, 2019
8) All pending GST refunds will be paid in 30 days
#MSME देश के रोज़गार क्षेत्र के लिए विशेष भूमिका रखते हैं। All pending GST refund within 30 days, Use of GSTN for Bill discounting on TReDS. UK Sinha Committee के सुझावों पर निर्णय अगले 30 दिन में। #GovtBoostsEconomy @PMOIndia @FinMinIndia @PIB_India pic.twitter.com/UgAjwJ90XN
— Rajeev kumar (@rajeevkumr) August 23, 2019
9) Bond market to be made conducive for investors
Broad basing & deepening bond markets in India a credit enhancement organization for infra & housing projects; further development of Credit Default Swap markets & alignment of bond market regulations with international best practices #GovtBoostsEconomy @PMOIndia @FinMinIndia pic.twitter.com/vDLPJgtcCS
— Rajeev kumar (@rajeevkumr) August 23, 2019
10) I-T notices to be issued through a centralised system
