Chennai: A series of measures was announced by the Finance Ministry that includes rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of start-ups from ‘angel tax’, a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a five-year low.
At a time when there are plenty of problems, bizmen feel that these would yield desired results.
The highlight of the series of announcements include speedy GST refunds, faceless assessments and simplification of GST systems. Experts say that this would come in handy to revive the investment sentiment of foreign investors and provide the much-needed impetus to the Indian economy.
Finance Minister Nirmala Sitharaman announced that Old BS-4 vehicles purchased up to 31 March 2020 will remain operational for the entire duration of registration. The Centre will lift the ban on purchase of new vehicles for replacing all old vehicles by government departments, and consider various measures including scrappage policy to boost demand.
Automobile industry captains have welcomed the sops announced to revive the sector that is going through its worst sales decline in almost two decades. The measures to improve liquidity, drive growth and reduce the cost of ownership of vehicles should help the industry get back on track. Also, the clarification on BS-IV vehicles will help lift consumer sentiment.