Finance Minister Nirmala Sitharaman addressed a press briefing on the state of economy and told reporters that India's economic growth is much higher than global growth. "Global GDP growth is projected at 3.2 per cent and is probably going to be revised downwards," Ms Sitharaman said. Ms Sitharaman announced a slew of steps to spur the economic growth. Meanwhile, in order to spur the slowing economy Ms Sitharaman rolled back higher surcharge imposed on foreign portfolio investors which was announced in the Budget last month.
Here are the highlights of Finance Minister Nirmala Sitharaman's press conference:
Tax scrutiny will be randomised from Vijay Dashami day, one odd over-enthusiastic officer won't be able to harass anybody: Nirmala Sitharaman
Banks have decided to launch repo-rate linked interest rates - means reduced EMI housing loans, working capital to be cheaper: Nirmala Sitharaman
To encourage investment in capital market, surcharge on long-, short-term capital gains withdrawn: Nirmala Sitharaman
Enhanced surcharge on foreign portfolio investors withdrawn, says Finance Minister Nirmala Sitharaman.
We will set up a cell, led by member of CBDT, for addressing problems of startups. Startups with an I-T issue can approach this panel: Nirmala Sitharaman
India's growth much higher than global growth, says Finance Minister.
US, Germany are witnessing inverted yield curves which indicates lower growth, says Finance Minister.
Global GDP growth is projected at 3.2% and is probably going to be revised downwards
Reforms are continuous process for this government, says Finance Minister Nirmala Sitharaman.