Union Finance Minister Nirmala Sitharaman has said that economic reforms will continue. He said that during the past several major efforts have been made for structural reforms in the economy. The government will continue such efforts keeping economic interests in mind. On the occasion of completion of six months of the second term by the Modi government, the Finance Minister said that the government has given speed to structural reforms. In this episode, during the last few months, the Modi government has cut corporate tax. In the case of domestic companies, the corporate tax has been reduced from 30 percent to 22 percent.
In the case of new companies, this has been reduced to 15 percent. Along with this, surcharge and cess have also been cut. The Finance Minister said that the Insolvency and Bankruptcy Code has been reformed by the government. During this period, efforts have also been made to rescue the NBFC sector from the crisis. With this, a fund of Rs 70 thousand crores has been injected to increase liquidity in banks. The government has arranged a special window to give a boost to the housing market. A provision of Rs 25 thousand crores has been made for this. This fund will help the stalled housing project. With this, a decision has been taken to disinvest PSUs. Disinvestment of five such companies was announced recently.
Indian economy is not untouched by global sluggishness: Javadekar
Union Minister Prakash Javadekar has spoken of the negative impact of global sluggishness on the Indian economy. On the occasion of completion of six months by the Modi government, Javadekar said that the world has seen sluggishness for some time. To some extent, it has also affected our economy. But our government has taken some big steps to deal with it. Javadekar said that the Modi government has taken a big corrective step like the merger of banks.
With this, banks have been given assistance of Rs 70,000 crore and the important decision has been taken to disinvest PSUs. Referring to tax reform, he said that to give a boost to economic activity, corporate tax has been cut. This will increase foreign investment in India. During this, he counted the Prime Minister's foreign visits and achievements on the domestic front. Javadekar said that the foreign visits of the Prime Minister have helped in building a better image of India in the world.