New Delhi: Finance Minister Nirmala Sitaraman has told that the financial realm of India is stable though the world is facing recession. She has announced numerous steps to make operations of businesses simpler and easier.
Nirmala Sitaraman told that the global GDP was projected at 3.2 % and is set in a better position in India than many developed countries including United States and Germany. She was speaking in a press conference in New Delhi.
“In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (no. 2) Act, 2019 on long and short term capital gains arising from transfer of equity shares/units referred to in section 111A and 112A respectively,” Nirmala Sitharaman said.
“Labour law has been enforced, web-based jurisdiction, scrutiny, compounding of offences, self-certification are in place. Faster and quicker approval has been given for acquisitions and mergers. We are moving with a more human approach than the penalty”, She stated.
The Finance Minister also added that home loans, vehicle loans as well as other retailer loans will be cheaper and banks will pass on RBI rate cut benefits to borrowers.
“The banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers. This will result in reduced EMIs for housing loans, vehicles, and other retail loans, by directly linking repo rates to the interest rates.” she added.
“Labour law has been enforced, web-based jurisdiction, scrutiny, compounding of offences, self-certification are in place. Faster and quicker approval has been given for acquisitions and mergers. We are moving with a more human approach than the penalty.”
Nirmala Sitaraman reiterated that the government will continue reforms.
