Various macroeconomic parameters have shown that the Indian economy is going through a rough patch. Amid criticism, Finance Minister Niramala Sitharaman has announced a slew of measures over the past few weeks to boost the economy.
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Sitharaman announced the merger of 10 major Public sector banks to form 4 bigger and stronger public lenders. This move will reduce the number of state-owned banks from 22 to 12 and should enhance banks’ credit capacity and increase their national and global presence. The minister said she would ensure there would be no job losses due to the merger.
However, bank unions have opposed the move. Earlier, she had announced a partial rollback of enhanced surcharge on foreign portfolio investors. Also, she said that CSR violations would not be treated as a criminal offence. Apart from this, to help the struggling automobile sector, Sitharaman said internal combustion engine vehicles would be allowed to coexist with electric vehicles and not be phased out.
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