Nirmala Sitharaman's big announcement to increase economic growth

Dec 13 2019 06:48 PM
Nirmala Sitharaman's big announcement to increase economic growth

Finance Minister Nirmala Sitharaman has been included in Forbes' list of 100 Most Powerful Women on Friday. To this day, she has a press conference in which Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and Chief Economic Advisor KR Subramaniam are present. At the press conference, Chief Economic Advisor (CEA) K V Subramaniam said that the government has taken several steps to increase the growth of the economy. He said that steps were taken to help NBFCs. Work was done to strengthen the market and foreign direct investment was encouraged. He said that the PSU banks were supported. Also, the tax sector has benefited from tax cuts.

Finance Minister Nirmala Sitharaman said:
Will not comment on GDP growth yet
The impact of corporate tax cuts will be known after Q3
I will continue to solve the problems of the industry as and when required
No discussion yet on increasing GST rate
States have the right to collect GST dues
Government is committed to repaying GST arrears to states
The government will take all necessary steps for growth

At the press conference, V. Subramanyam of CEA said:
Board formed to stop bank fraud
System for settlement of PSU dues
Paid Rs 61,000 crore for PSUs in two months
Tax sector benefited from tax cuts
17 proposals worth Rs 7,657 crore approved in two days
76,000 crore credit guarantee for NBFC

In the press conference, Revenue Secretary Ajay Bhushan Pandey said:
Tax refunds up 20% so far in FY 2020
Tax refund so far in FY 2020 at Rs 1.57 lakh crore
IGST refund Rs 38988 crore in FY 2020
More than 100 crore turnover required from April e-invoice

See Finance Minister's press conference
Earlier on December 13, the Finance Minister announced on Twitter that the Bharat Bond ETF has received 1.7 times subscription. He also said that India Bond ETF will be open for subscription till 20 December. On 12 December, the Finance Minister introduced a bill to amend the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha. On December 11, the Union Cabinet approved the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019.

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