INSUBCONTINENT EXCLUSIVE:
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
*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
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
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