New Delhi | Jagran Business Desk: Amid the Opposition's heightened attack on the government over the alleged economic slowdown, Finance Minister Nirmala Sitharaman on Friday outlined the road ahead for the nation's economy, saying that India's growth rate was higher than the global trend. 

Attributing the stress in the financial sector to global factors, Sitharaman said: " Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards."

"As a result of US-China trade war and China's currency devaluation, there is a volatile situation in market," the Finance Minister added. 

Presenting measures to arrest the current slump in economic growth, Sitharaman said that reforms have been on top of the government’s agenda since 2014. 

Here are some key announcements made by the Finance Minister: 

  • Banks to make home, auto loans cheaper.
  • Enhanced surcharge on FPIs stands withdrawn. 
  • Banks have decided to pass on rate cuts by RBI to borrowers; launched repo rate or external benchmark-linked loan products.
  • Govt to infuse upfront Rs 70,000 cr into public sector banks to enable release of Rs 5 lakh cr liquidity in the market.
  • FM announces withdrawal of enhanced surcharge levied on FPIs, restoring pre-Budget position.
  • All tax notices to be issued from centralised system, says FM on tax reforms to end harassment of taxpayers.
  • PSBs to return loan documents to customers within 15 days of loan closure.
  • Online tracking system for home, auto loans.

The press conference by Nirmala Sitharaman came in the wake of Niti Aayog Vice Chairman Rajiv Kumar describing the current economic slowdown as an "unprecedented situation that India has not faced in last 70 years". His comments have come at a time when the country's economy is facing the worst pace of growth in nearly five years.

 

Posted By: Abhinav Gupta