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Finance ministry unveils detailed presentation on steps taken to boost economy.


Date: 14-12-2019
Subject: Finance ministry unveils detailed presentation on steps taken to boost economy
Chief Economic Advisor Krishnamurthy Subramanian on Friday said the government is focusing on increasing consumption to boost economic growth.

Presenting steps taken by the government in the past few months to pull the economy out from a six-year low growth, he said the measures include corporate tax cuts to improve risk-return of companies.

Here's a list of all measure announcements that were made:
*Economic survey outlined a plan to make India $5 trillion economy with emphasis on driving up investment. On the consumption side, the government has taken steps to help the NBFCs and HFCs.

*The govt provided support to NBFCs/HFCs under the partial credit guarantee scheme. The govt sanctioned support for Rs 4.47 lakh crore to NBFCs & HFCs which includes Rs 1.29 lakh crore for pool buyout of assets.

*Within two days of cabinet approval, 17 proposals worth more than Rs 7,000 crore approved. Proposals worth Rs 20,000 crore will be approved over next two weeks under the partial credit guarantee scheme.

*On investment side, the government has taken steps to boost investment, support real estate, credit expansion, corporate tax and bank recapitalisation.

*To boost liquidity in the market, the government has cleared dues worth more than 60% of 32 CPSEs in the last two months.

* Under the new external benchmarking scheme announced by the RBI, more than 8 lakh or Rs 72,201 crore worth of loans sanctioned under the new regime till Nov 27.

*66% of Budgeted capex expenditure of Rs 3.38 lakh crore has been taken so far. Higher government capital expenditure allows crowding in of private investment. April-Nov capex of 32 CPSEs is at Rs 98,000 crore. Railway and road ministries will have undertaken capex of Rs 2.46 lakh crore by December 31, he said.

*Rs 60,314 crore of capital has been infused into PSU banks. Lenders have disbursed Rs 2.2 lakh crore to corporates and Rs 72,985 crore to MSMEs.

*FDI inflows of $35-billion in first half of FY20 vs $31 billion in the same period last year has been achieved.

*Rs 1.57 lakh cr tax refunded this yr vs Rs 1.23 lakh cr last yr: Revenue Secretary. The step will boost consumption in economy. Income tax refund up 27% so far in FY20.

*Realty fund of Rs 25,000 crore has been created for last mile funding for stalled projects. Necessary changes in IBC made to allow projects facing insolvency to avail funds under scheme.

*Unified regulator for international financial services enable capital flow without any hurdles.

*Important changes in IBC: Ringfencing successful bidders of stressed assets from prosecution.

Source: economictimes.indiatimes.com

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