After announcing a slew of reform last week, Finance Minister Nirmala Sitharaman on Thursday held a follow-up press conference where she said that the impact of the economic measures would be seen with time.
After announcing a slew of reform last week, Finance Minister Nirmala Sitharaman on Thursday held a follow up press conference where she said that the impact of the economic measures would be seen with time, even as the initial response has been encouraging. It’s too early to judge the industry’s response to government’s steps, she added. Nirmala Sitharaman also said that the government recognises that the consumption needs boost and the interaction with the industry and other stakeholders is an ongoing process. The government would soon announce more measures as it looks to boost the sluggish economy, she added. The government would spend considerable amount on infrastructure, even front loading some spend in the coming days, Nirmala Sitharaamn noted.
Earlier last week, Finance Minister Nirmala Sitharaman announced a host of reforms including partially doing away with the additional surcharge on FPIs introduced in the budget. The other measures were related with angel tax, bank recapitalisation and income tax notices. The government has also announced that no angel tax would be imposed on startups and their investors if registered with the DPIIT. The government also announced that it will release upfront the Rs 70,000 crore of funds under bank recap plan announced earlier in the budget.
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Meanwhile, the Union Cabinet Wednesday cleared the proposal to ease the local-sourcing norms for single-brand retailers, in addition to allowing 100 per cent foreign investment in coal mining and contract manufacturing as part of the government’s efforts to boost economic growth. In addition, a decision to prescribe a 26 per cent FDI limit in digital news media via the government route has been spelt out. The proposal to relax local-sourcing norms was announced by Finance Minister Nirmala Sitharaman in the Budget for 2019-20.