New Delhi, August 23: Finance Minister Nirmala Sitharaman on Friday announced several measures to reverse the state of Indian economy. Of all the measures announced, the one on auto sector and real estate industry were highly noticed. Addressing a press conference on Friday, the finance minister said that vehicle and home loans will get cheaper.
The Finance Minister asserted that reform is a priority for the Narendra Modi-led government. The key measures announced include measures like lower surcharge on long-term and short-term capital gains. The finance minister also announced that violation of CSR will not attract criminal charges. Nirmala Sitharaman Announces Measures to Boost Indian Economy Amid Slowdown, Rolls Back Surcharge on FPIs, Removes Angel Tax on Start-Ups; Check Full List of Announcements.
Highlights of Sitharaman's Press Conference:
Angel tax provisions for startups and investors have been withdrawn in a relief for start-ups. The government also announced that it would inject Rs 70,000 crores into public sector banks. This will enable Rs 5 lakh crore liquidity in the market. CSR Violations Not to be a Criminal Offence, Announces Finance Minister Nirmala Sitharaman.
With the reports of economic crisis circulating in the media for the last couple of weeks, the Finance Minister stated that Ministry is not in favour of harassment and respects the wealth creators of the country. Sitharaman said that faceless and randomised process is being opted.