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Measures announced by Finance Minister will help boost economy: PM Modi

Sitharaman on Friday announced an array of measures to revive the economic growth including treating CSR violations as a civil liability instead of a criminal offence.

By: Express Web Desk | New Delhi | Updated: August 24, 2019 1:12:39 pm
Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman. (File)

A day after Finance Minister Nirmala Sitharaman announced an array of measures to revive growth, Prime Minister Narendra Modi Saturday said it would boost the overall economy of the country.

“The measures announced by Finance Minister Nirmala Sitharaman will facilitate ease of doing business, improve demand, make credit affordable and boost the overall economy,” Modi said.

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Sitharaman Friday announced a slew of measures to revive economic growth including treating CSR violations as a civil liability instead of a criminal offence, rolling back enhanced surcharge on foreign and domestic investors, withdrawal of Angel tax provisions for startups and their investors, amongst others.

Sitaraman also announced that banks will launch repo rate and external benchmark-linked loan products that will lead to reduced easy monthly instalments for housing, vehicle and other retail loans. Besides, She announced additional liquidity support of Rs 20,000 crore to housing finance companies (HFCs) by the National Housing Bank (NHB), thereby increasing the total support to Rs 30,000 crore.

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‘Despite global slowdown, India’s economic fundamentals robust’

Reiterating that economic growth is a “priority” of the Modi-led government, Union Home Minister Amit Shah Saturday said that India’s economic fundamentals have “remained robust” despite a global slowdown.

He said the announcements by the Finance Minister reflects the government’s commitment to improve ease of doing business, easier credit to MSMEs and more money in the hand of individuals.

“Decision to infuse capital in our banking system and ensuring liquidity in the NBFCs along with necessary protection for bankers will help step up credit offtake and private investments. Easier KYC, lower interest rates and faster loan processing will enhance retail consumption,” Shah said in a tweet.

“Measures to encourage investments in capital markets and facilitating the startup ecosystem, streamlining GST refunds and steps to quickly resolve tax-related issues will help our entrepreneurs and market sentiments,” he added.

Sitharaman’s set of announcements came on the same day Moody’s Investors Service revised downwards India’s GDP growth forecast for the current year to 6.2 per cent, saying the economy remains sluggish due to a combination of factors such as weak hiring, distress among rural households and tighter financial conditions.

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