FINANCE MINISTRY UNVEILS DETAILED PRESENTATION ON STEPS TAKEN ON TO BOOS ECONOMY

FINANCE MINISTRY UNVEILS DETAILED PRESENTATION ON STEPS TAKEN ON TO BOOST ECONOMY: 

The Chief Economic Advisor Krishnamurthy Subramanain stated that the government is focusing to boost the economic growth. And unveils the detailed presentation on the steps taken by government to pull out from the six years low growth. The measures also includes cooperate tax cuts to improve risk-return of companies.

These are the measures announced:

·       A plan on driving up the investment by making India as $ five trillion economy.

·       The government took step to help HFCs and NBFCs, by sanctioning Rs 4.47 lakh crore to NBFCs and Rs 1.29 lakh crore for HFCs for pool buyout of assets under the partial credit guarantee scheme.

·       17 proposal worth more than Rs 7,000 crore are approved within 2 days and proposal worth Rs 20,000 will be approved by next two weeks under the partial credit guarantee scheme.

·       Steps are taken to boost the investments by supporting real estates, credit expansion, corporate tax and the bank recapitalisation.

·       More than 8 lakh or Rs 72,201 crore worth of loans sanctioned under the new regime till November 27.

·       The foreign direct investment inflows of $35 billion in the first half of fiscal year while it has been $31 billion in the same period last year.

·       The capital of Rs 60,314 crore has been infused into Public sector undertakings (PSU) banks.

·       The income tax refund up 27% so far in this fiscal year that is Rs 1.57 lakh crore tax is refunded this year compared to Rs 1.23 lakh crore of last year.

·       International Bank of Commerce made to allow projects which are facing insolvency to avail funds under scheme of realty fund of Rs 25,000 crore.

·       The regulators for international financial services are unified in order to enable capital flow without any difficulties.

·       Ringfencing successful bidders of stressed asstes from prosecution in IBC.

·       The dues worth more than 60% of 32 CPSEs in the last two months are cleared by the government in order to boost the liquidity in the market.

·       The budgeted capital expenditure of 66% of Rs 3.38 lakh crore has been taken till the date. April to November capital expenditure of 32 CPSEs is at Rs 98,000 crore. The private investments are allowed by the higher government capital expenditure.

·       The capital expenditure of Rs 2.46 lakh crore will be undertaken by the railway and road ministries by December 31^st.

  REFERENCE : ECONOMIC TIMES