Union Finance Minister Nirmala Sitharaman held a press conference on Friday about the country’s economy. She said that the rest of the world is also facing recession. India’s economy is in better condition than the world. The Finance Minister said that there is a need to understand the global recession. The problem of recession is coming due to the ongoing trade war between China and America.
Nirmala Sitharaman said, it is not that the problem of recession is only for India but the rest of the world is also facing recession at this time. She said that reform is a continuous process and there have been continuous economic reforms in the country. India’s economy has been much better than other countries.
The Finance Minister said that the government is constantly working towards economic reforms. Income tax return (ITR) has become much easier than before. GST will also be made easier. She said that our growth rate is also very good compared to many countries.
Finance Minister Nirmala Sitharaman said that there are allegations on the government that people are being harassed about tax. We are constantly improving tax and labor laws. There will be a central system for tax notice and no one will be harassed for tax. The Finance Minister said that notices will be sent from the central system from 1 October. Which will stop the incidents of tax harassment.
Finance Minister Nirmala Sitharaman said that surcharge will be withdrawn on capital gains. The capital gains and foreign portfolio investment (FPI) in the stock market will not be surcharged.
Nirmala Sitharaman said that 70 thousand crore rupees will be given to government banks. In such a situation, there will be no problem in giving new loans to banks. Sitharaman said, banks have decided to extend the benefit of interest rate reduction through MCLR to customers. The benefit of interest rate reduction will reach the customers directly.
Finance Minister made these big announcements
- Surcharge will be removed from capital gains in the stock market.
- A separate cell will be formed for settlement of start up tax.
- Loan application will be monitored online.
- After the loan is closed, the security related document will have to be given to the banks within 15 days.
- The lower the repo rate, the lower the interest rates will be. If the rate of interest decreases, the EMI will be less.
- Banks will have to give the benefit of reduction in interest rates to the people.
- There will be Aadhaar free KYC for Demat account.
- The government is working on several schemes to increase vehicle purchases.
- BS-4 vehicles purchased till 31 March 2020 will be valid.
- Registration of EV and BS-4 cars will continue.
- One time registration fee has been increased till June 2020.
