From Ahmedabad to Varanasi and then Mysuru to Guwahati and Chennai, Finance Minister Nirmala Sitharaman toured the length and the breadth of the country between August and September.
Meeting traders, experts, entrepreneurs to gauge the pulse of the nation, Sitharaman has become a reformer, pulling all stops to get the economy out of a six-year-low growth rate.
Firing up Economy:
Corporate tax slashed to 22%
Rs 1.45 trillion revenue forgone
New manufacturing firms can pay 15% tax
First Tranche: The Booster Dose
Rolling back the surcharge on income of FPIs
Rs 1,400 crore forgone by government
Took back the prison sentence for CSR norms violation
Auto sector push
Deferment of one-time registration fees for vehicles till June 2020
Additional 15% depreciation on all vehicles acquired till 31 March 2020
Angel for start-up
No angel tax for start-ups under Income Tax Act
GST refunds
Pending GST refund requests of the MSMEs will be addressed within a month
In future, all GST refunds will be paid within two months of their application
Second tranche: Big Bank Reforms
10 PSBs merged into four
Strengthened bank boards
Improved appraisal mechanism for top executives
Rs 11,550 crore capital infused into weak banks
Third tranche: Expanding Exports
Rs 70,000-crore package for exports and real estate
Setting up a stress asset fund four housing
New scheme for reimbursement of taxes paid on exports
Higher insurance cover to banks lending working capital for export
Fourth tranche: Improving Credit
“Loan melas” in 400 districts
No stressed asset of MSMEs to be declared NPAs till March 2020
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