Continuing the government's efforts to address the ongoing Indian economic slowdown, Finance Minister Nirmala Sitharaman is expected to announce a slew of measures on Saturday to boost the economy.
Continuing the government’s efforts to address the ongoing Indian economic slowdown, Finance Minister Nirmala Sitharaman is expected to announce a slew of measures on Saturday to boost the economy. While the government has not cleared the air about what these measures could be, it is widely expected that reforms towards improving the health of the realty sector, providing a fillip to the auto sales and addressing overall GDP slump could be on cards for today’s press conference, according to various media reports. Finance Minister is to hold the press conference at 2.30 pm today.
Real estate sector
One of the major job-creating industries, real estate sector has been witnessing a slump in inventory sales for some time now and the Centre has been working on measures to boost the growth of the sector.
Union Minister for Finance & Corporate Affairs Smt @nsitharaman to address Press Conference at 2.30 pm today, 14th September, at National Media Center , New Delhi.@nsitharamanoffc @Anurag_Office @SecyDea @rajeevkumr @PIB_India .
Watch Live here:https://t.co/xSk870bT0w
— Ministry of Finance (@FinMinIndia) September 14, 2019
The auto industry is also grappling with sales slump and India’s biggest carmaker Maruti Suzuki saw a sales dip of over 30% in the August 2019. According to SIAM data, domestic passenger vehicle sales have been on the decline for the 10 months in a row. Hence, it is likely that the government may announce measures to provide relief to the industry.
Further, there has been an overall economic slowdown with people cutting on spendings amid rising unemployment, and NBFC crisis. As per the latest GDP data, growth in private consumption dropped to 3.1% on-year in the quarter through June, which is about half of the last year’s number.
In her last press conference held on 29 August, Nirmala Sitharaman had announced a spree of bank mergers and converted 10 major public sector banks into four new entities. The government move is aimed at consolidating the state of public lenders and help with the ill-effects of non-performing assets (NPAs). Previously,
The government is going to hold the GST Council meet next week, where rate cut for the automobile sector is likely to be announced. the government is also considering to provide GST relief to biscuit makers, according to a CNBC TV-18 report.