News

MEASURES TO BOOST INDIAN ECONOMY

Related Topics: Government Policies & Interventions, Indian Economy

Why in News

Finance Minister Nirmala Sitharaman announced a slew of measures to boost private sector sentiments and to reduce the burden on the sector.

 

Highlights of the Announcement

[Image Courtesy: The Hindu]

 

Need for the Announcement

  • India’s GDP growth plummeted to nearly five-year low of 5.8 per cent in January-March and it is widely believed that the growth might not have picked up in the first quarter of the current fiscal also.
  • The auto sector is facing the worst crisis in about 20 years and reports suggest job losses in thousands.
  • In the real estate space, the number of unsold homes has increased while fast-moving consumer goods companies have reported a decline in volume growth and lending to job-creating MSMEs by banks have actually slipped.
  • Since the announcement of enhanced surcharge on foreign portfolio investors, there has been a significant outflow of funds from the Indian stock market.
  • Industry players had raised concerns about penal provisions in the Companies Act, 2013 for non-compliance with CSR requirements.

 

[Source: The Hindu]

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