Finance Minister Nirmala Sitharaman on Friday addressed a press conference, announcing measures to revive the economy amid a slowdown. Job losses have been reported in various sectors following a slowdown. The worst hit is the auto sector, where thousands of job losses have been reported after months of dismal sales. "I want to give you a picture of what is happening globally. Global growth is 3.2 per cent, likely to be revised downwards. Many organizations say the global demand is very weak," she said in her opening remark. She later announced a host of measures to boost sales in the auto sector, including lifting the ban on its departments from replacing the old vehicles.
Here are the highlights of Nirmala Sitharaman's press conference:
Measures to rekindle #automotive sector @PMOIndia @FinMinIndia @PIB_India #GovtBoostsEconomy @siamindia pic.twitter.com/UBSMHSKDCe
- Rajeev kumar (@rajeevkumr) August 23, 2019
Next week, the government will be coming with one more set of announcement: Nirmala Sitharaman
Revision of one-time registration fee put off till June 2020: Nirmala Sitharaman
BS-IV vehicles purchased till 31.3.20 to remain operational till the period of registration: Nirmala Sitharaman
Broad basing & deepening bond markets in India a credit enhancement organization for infra & housing projects; further development of Credit Default Swap markets & alignment of bond market regulations with international best practices #GovtBoostsEconomy @PMOIndia @FinMinIndia pic.twitter.com/vDLPJgtcCS
- Rajeev kumar (@rajeevkumr) August 23, 2019
Measures to strengthen #NBFCs and #HFCs, critical part of the credit flow to #MSME and Housing @PMOIndia @FinMinIndia @PIB_India #GovtBoostsEconomy pic.twitter.com/N0AIUmObye
- Rajeev kumar (@rajeevkumr) August 23, 2019
A slew of measures for borrowers & bankers to make #PSBs key drivers to achieve the goal of a #5TrillionEconomy for #NewIndia. #GovtBoostsEconomy @PMOIndia @FinMinIndia @PIB_India pic.twitter.com/rsm9PVfs3M
- Rajeev kumar (@rajeevkumr) August 23, 2019
Banks have decided to launch repo-rate linked interest rates - means reduced EMI housing loans, working capital to be cheaper: Nirmala Sitharaman
Making India a hub for #StartUps. Withdrawal of Sec 56(2)(viib) of IT Act Dedicated cell at CBDT for addressing challenges of startups; Sec 56(2) (vii)(b) to not apply to DPIIT registered startups; @PMOIndia @FinMinIndia @PIB_India #GovtBoostsEconomy pic.twitter.com/TmnRyrSoBs
- Rajeev kumar (@rajeevkumr) August 23, 2019
The Income Tax summons will now go through a centralized system: Nirmala Sitharaman
