FM Sitharaman press conference HIGHLIGHTS: Govt says reforms showing impact

Finance Minister Nirmala Sitharaman. | Photo: PTI
Chief Economic Advisor Krishnamurthy Subramanian on Friday presented the steps taken by the government in the past few months to pull the economy out of a six-year period of low growth.

Subramanian said that the government is focusing on increasing consumption to boost economic growth and that measures included corporate tax cuts to improve risk-return of companies.

 
India’s economy grew at its slowest pace in over six years in the September quarter, held back by weak manufacturing, falling consumer demand and private investment, and a drop in exports due to a global slowdown.

The government earlier in December announced infrastructure projects as part of a plan to invest Rs 100 trillion ($1.39 trillion) in the sector. Later, it approved privatising state-owned oil major BPCL and Shipping Corporation of India, along with stake sales in three other companies 


4:35 PM IST Government's tax revenue position to be clear in the next few weeks, says Finance Mnister 

4:21 PM IST Rs 1.57 trillion direct tax refunded this year vs Rs 1.23 trillion last year, says Revenue Secretary on steps taken to boost consumption in economy  

4:17 PM IST Revenue Secretary Ajay Bhushan Pandey lists tax measures to help economy, says almost Rs 39,000 crore of IGST refund done till date in 2019-2020.

4:07 PM IST One national market for financial instruments set up by rationalising stamp duty: Chief economic advisor Subramanian

3:53 PM IST FDI worth $35 in first half of FY20 shows impact of reform measures. Investors see India as a destination--they are putting in money: Chief economic advisor Krishnamurthy Subramanian.

3:50 PM IST Govt has cleared bills amounting to Rs 12,500 crore: Chief economic advisor Krishnamurthy Subramanian.

3:45 PM IST Chief economic advisor Krishnamurthy Subramanian gives presentation on economic reforms impact. Subramanian speaks about corporate tax cuts, government capex expansion.

3:45 PM IST Sitharaman says will list legislature measures taken during Winter Session of Parliament. "Results have started showing for the (economic) reforms we have taken," says FM Sitharaman.

3:15 PM IST Sitharaman on Thursday said the central government will honour its commitment to give states their share of the Goods and Services Tax (GST) but did not give a deadline. This monthly compensation was to be paid within two months but states haven't received any such amount since August 2019.

3:08 PM IST Singapore's DBS Banking group cuts India's GDP growth forecast for this fiscal to 5 per cent from 5.5 per cent earlier and said that it will be a "slow climb to recovery" for the economy. Weak growth has impacted revenue growth, compounding worries over an already weaker run-rate for tax revenues, said DBS in a report.

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Government's tax revenue position to be clear in the next few weeks, says Finance Mnister 

Direct tax refunds

Rs 1.57 trillion direct tax refunded this year vs Rs 1.23 trillion last year, says Revenue Secretary on steps taken to boost consumption in economy
 

Tax reforms

Revenue Secretary Ajay Bhushan Pandey lists tax measures to help economy, says almost Rs 39,000 crore of IGST refund done till date in 2019-2020.

National market for financial instruments

One national market for financial instruments set up by rationalising stamp duty: Chief economic advisor Subramanian

FDI worth $35 billion

FDI worth $35 in first half of FY20 shows impact of reform measures. Investors see India as a destination--they are putting in money: Chief economic advisor Krishnamurthy Subramanian.

Bills cleared

Govt has cleared bills amounting to Rs 12,500 crore: Chief economic advisor Krishnamurthy Subramanian.

CEA Krishnamurthy Subramanian lists reforms

Chief economic advisor Krishnamurthy Subramanian gives presentation on economic reforms impact. Subramanian speaks about corporate tax cuts, government capex expansion.

Results have started showing: FM

Sitharaman says will list legislature measures taken during Winter Session of Parliament. "Results have started showing for the (economic) reforms we have taken," says FM Sitharaman.

Centre will honour GST committment to states: Sitharaman

Sitharaman on Thursday said the central government will honour its commitment to give states their share of the Goods and Services Tax (GST) but did not give a deadline. This monthly compensation was to be paid within two months but states haven't received any such amount since August 2019.

DBS cuts its India growth forecast

Singapore's DBS Banking group cuts India's GDP growth forecast for this fiscal to 5 per cent from 5.5 per cent earlier and said that it will be a "slow climb to recovery" for the economy. Weak growth has impacted revenue growth, compounding worries over an already weaker run-rate for tax revenues, said DBS in a report.