Economic Measures: Nirmala Sitharaman, Finance minister of India hold a press conference yesterday for almost two hours and took questions on every topic. Since 2014 this is for the first time Finance Minister of India after the corporate shakedown hold press brief. In her press brief, she announced various measures for which government was adamant to hold till last week. The main agenda behind the press brief was to build confidence in the investors. The government wanted to convey the message that they are listening to corporate members.
Although these measures may have shocked the chief economic advisor Krishnamurthy Subramanian who expressed his different views a day before these announcements. He stated that corporate should defy from the father help mindset and should work on getting investment rather than focusing on consumption and profits.
Completely contrary to K. Subramanian views finance minister come up with 32 slides of 6 categories stated that the global economy is slowing down. With respect to the world, the Indian economy is in good condition. For corporate she acknowledges the scrutiny going on by the Income Tax (IT) department and assured them will provide relief. She added
“Modi government wants Resolution not Prosecution”.
This is seeing as good news for corporate. The free filling procedure will be simplified. Officers of IT will not send scrutiny notice, only computerized notice will be delivered. The government will subjugate highly motivated officers of Income Tax department. If the IT department will deliver any notice then it will be their duty to resolve the issue within three months. Finance Minister also announced will withdraw 1400 prosecution cases under companies act. The government will also remove the section which has the provision of sending company owner to jail if any irregularities found in his/her business.
Interest rates on loans will also come down.
A registration fee on Big cars which was increased in the recent budget has been removed now in order to revive the auto sector.
Also, government offices have been asked to remove old vehicles and purchase a new one.
Bharat stage 6, due to applying from April 2020 petrified buyers of Bharat stage 4 cars which FM explained that BS4 cars will not be banned.
All these measures will be applicable from October.