Highlights of FM’s eco booster announcement

The following are the measures announced by Finance Minister Nirmala Sitharaman on Friday to boost economic growth and address distress in various sectors:

  • Drops super-rich surcharge on FPIs, domestic investors on gains from stock market
  • Upfront release of Rs 70,000 cr to PSBs; enhances lending capacity by Rs 5 lakh cr
  • Banks to pass on rate cuts; to benefit all borrowers
  • Reduction on EMIs for housing loans, vehicle and other retail loans
  • To provide protection to honest decision-making by bankers for boosting lending
  • Additional liquidity support to HFCs raised to Rs 30,000 cr
  • Pending GST refunds to MSMEs to be paid within 30 days
  • Amendment to MSME Act to move towards single definition to be considered
  • Issue of IT orders, notices, etc through a centralised system to cut harassment
  • Startups registered with DPIIT exempt from Income Tax, subject to certain conditions
  • To set up a dedicated cell under CBDT for addressing the problems of startups
  • BS-IV vehicles purchased till March 31, 2020 to be operational for registration period
  • Allows additional 15 pc depreciation on all vehicles till March 31, 2020
  • Delayed payments from Govt/CPSEs to be monitored by Expenditure Dept
  • CSR violation not to be treated as criminal offence
  • To set up an entity for credit enhancement for infrastructure, housing projects
  • Task force to be set up to finalise the pipeline of infrastructure projects
  • Further action on development of Credit Default Swap markets soon
  • Simplification of KYC procedure to improve market access for foreign investors
  • To announce more measures in the coming weeks for other sectors
  • Announcement with regard to real estate sector to be made next week.

Photograph: ANI Photo.


Source: Read Full Article

click fraud detection