Finance Minister Nirmala Sitharaman addressed a media on Friday about the current slowdown of the economy of India. Nirmala Sitharaman announced that the banks will soon decrease the rate of home and car EMI.
Finance minister Nirmala Sitharaman announced that the Reserve Banks of India (EBI) is all set to cut down the repo rate (the rate at which central bank gives loan to various consumer banks), although the banks were not passing on the rate cut to the lender.
Finance Minister Nirmala Sitharaman that the government has decided to remove surcharge on FPI and to withdraw Angel tax provisions for the investors and startups. Nirmala Sitharaman also said that the Corporate social responsibility (CSR) violations will be treated as civil liability and will not be treated as a criminal offense anymore and the government will release all the pending GST refunds within 30 days.
Finance Minister Nirmala Sitharaman also said that the government will release 70,000 crores to the public sectors banks to along with Rs 5 lakh crore to enable the liquidity in the market.
Talking about the slumping situation in the Indian economy, Sithraman said, it is a result of US-China trade war and the sudden reduction of currency. She further added India’s economy is comparatively high than other countries in an unstable global economy.