Nirmala Sitharaman Press Conference Updates

Nirmala Sitharaman said that India's growth is still comfortably high compared to everybody else in a volatile global economy.

Aug 23, 2019 12:08 IST India Infoline News Service

Union Finance & Corporate Affairs Minister Nirmala Sitharaman on Friday addressed a press conference amid concerns over the on-going economic slowdown in the country.

Nirmala Sitharaman presented measures to arrest the current slump in the growth of the economy. Sitharaman said that India's growth is still comfortably high compared to everybody else in a volatile global economy.

Below are the highlights of the meeting:
  • Targets for GST collection will be realistic.
  • FM to meet tax authorities for a better way of working.
  • This is only a start of measures. More moves to stimulate the economy next week. Growth continues to be highest in India amid gloom in the global economy.
  • For homebuyers concerns, measures to be announced soon.
  • EVs and ICVs will be continued to be registered. Govt to focus on setting up charging infra.
  • Govt to purchase new vehicles and replace old ones, FM said.
  • An additional 15% depreciation on vehicles acquired is available. BSIV that are purchased after 2020 March will remain on the road, FM said.
  • Surcharge on FPIs and domestic investors revoked, Finance Minister says.
  • Finance Minister is working to bring offshore rupee market to domestic stock exchanges.
  • Offshore rupee market to be brought to the stock exchange.
  • There will be one definition for an MSME, through which companies could now feel with their business activities. It will be passed to Cabinet, FM says.
  • Govt will take action for the development of the credit-default swap market, FM says.
  • Govt will establish an organisation for credit enhancement for infrastructure projects FM said.
  • NFBCs to be able to use Aadhaar-authenticated KYCs to simplify uptake of credit. Additional liquidity support for NBFCS and HFCs of Rs20,000cr.
  • Banks will also launch the check-book approach for one-time loan settlement of MSMEs, the FM said. Working capital loans for the industry are likely yo be cheaper, she said.
  • There will be one definition for a Msme. All future GST refund issues will be sorted out within 60 days, Sitharaman said.
  • Finance and Corporate Affairs Minister Nirmala Sitharaman said that the banks have decided to launch repo-rate linked products.
  • FM said it has been decided to withdraw enhanced surcharge levied on the long term and short term capital gains on equities.
  • PSU banks will ensure the return of loan documents to customers within 15 days of the closure of a loan and banks have agreed to pass on all Repo Rate cuts into their MCLR.
  • Additional capital of Rs70,000cr has been sanctioned for banks, which will enable loans worth Rs5 lakh cr.
  • The surcharge on FPIs and domestic investors will be removed.
  • Mandated return of loan documents within 15 days of loan closure to check harassment.
  • The current projected GDP growth is 3.2% and is probably going to be revised downwards. Many organisations say that global demand is going to be weak.
  • FM Nirmala had said that she would talk about ways of tackling the slowdown across sectors after studying the feedback from representatives.

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