Economic reforms showing impact, says govt giving a recap of steps taken

Economic reforms showing impact, says govt giving a recap of steps taken

New Delhi [India], Dec 13 (ANI): Finance Minister Nirmala Sitharaman said on Friday the government has taken concrete measures to implement a planned economic strategy for achieving the five trillion dollar GDP goal by 2024.These include enabling retail credit by supporting non-banking finance companies (NBFCs) and housing finance companies (HFCs), clearing all government dues including those of public sector units, supporting micro, small and medium enterprises (MSMEs) via bill discounting and tax refunds".The government has been working for the economy where it is needed. Results have started showing for the (economic) reforms we have taken", she said while addressing a press conference here along with Chief Economic Advisor K V Subramanian and Revenue Secretary Ajay Bhushan Pandey.Subramanian said total sanctioned support of Rs 4.47 lakh crore to NBFCs and HFCs includes Rs 1.29 lakh crore for pool buyouts of assets. The dues of 32 central public sector enterprises were cleared by more than 60 per cent in the past two months".The continuous liberalisation has resulted in record foreign direct investment inflows of 35 billion dollars in the first half of 2019-20 as against 31 billion dollars in the first half of 2018-19", he said.At the same time, corporate tax rates have been lowered up to 15 per cent.

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