FM Sitharaman Says Willing To Do More Beyond Budget To Boost GDP Growth
Finance Minister Nirmala Sitharaman on Friday said that if required, the government would take more steps beyond the announcements made in Union Budget 2020-21.
At an interactive session on 'Budget and Beyond' with asset managers, wealth advisers, tax consultants and others, Sitharaman said the Budget 2020 was a budget where the impact on equity, bond and currency markets was positive.
"If more has to be done beyond the Budget 2020, we are willing to do that," the finance mnister said at the session, where the participants made several suggestions to boost economic activities in the country.
The government announced a host of steps in the budget, presented on Feb. 1 in the parliament, to boost economic activity at a time when the nation is faced with demand slowdown due to several reasons. India’s GDP growth rate is estimated to slow to an 11-year low of 5 percent in 2019-20.
During the interactive session, participants made suggestions for consumption growth, putting more money into the hands of consumers, measures required to boost liquidity and hosts of suggestions for the capital markets.
Several suggestions were also made on the 'Vivad se Vishwas' scheme to deal with the disputes related to the direct taxes. It was announced in the Budget 2020-21.
Sitharaman said the finance ministry will provide details of the scheme soon, but the parliament approval will be required before the scheme is implemented. She assured the participants that her ministry would look into the suggestions.