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Published on 24/08/2019 5:28:46 PM | Source: IANS

Finance Minister`s steps to revive economy win all-round praise

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Prime Minister Narendra Modi has hailed the steps taken by Finance Minister Nirmala Sitharaman to revive the economy saying they will facilitate ease of doing business, improve demand and make credit affordable.

" The measures announced by FM @nsitharaman will facilitate ease of doing business, improve demand, make credit affordable and boost the overall economy", the Prime Minister tweeted in response to Sitharaman's tweet thanking the PMO for the support. "Thank you @PMOIndia for your guidance and support", 

Home Minister Amit Shah also welcomed the economic revival steps undertaken by the Finance Minister. "Measures to encourage investments in capital markets, facilitating the startup ecosystem, streamlining GST refunds and steps to quickly resolve tax related issues will help entrepreneurs and market sentiments. I congratulate PM @narendramodi for these progressive steps", he tweeted.

The decision to infuse capital in banks and ensure liquidity in NBFCs along with necessary protection for bankers would help step up credit off-take and private investments, he said and added, easier KYC, lower interest rates and faster loan processing would enhance retail consumption. 

Stating that growth is the Modi government's priority, he said India's economic fundamentals, despite a global slowdown, remained robust. "The slew of measures announced by FM @nsitharaman reiterate our commitment to improve ease of doing business, easier credit to MSMEs & more money in the hand of individuals", the Home Minister said.

J.P. Nadda, Bharatiya Janata Party (BJP) interim president, too praised the Finance Minister for steps to revive the economy. "Under the visionary leadership of PM Sh.@narendramodi Ji some major transforming measures have been taken to boost economy, which are related to facilitating wealth creators, taxation measures, increasing capital flows and energising financial markets, infrastructure," Nadda tweeted.

He also thanked Sitharaman for such bold and people-friendly decisions . "These will give a huge boost to economy and major relief to all entrepreneurs and businessmen," Nadda said.

The Home Minister said India's economy remained resilient and despite global slowdown was performing well. "Our government has been fiscally prudent while prioritising growth. Today's announcements by FM @nsitharaman only reinforce the fact that Modi 2.0 is committed to make India a $5 trillion economy.

In an attempt to stabilise the faltering economy, Sitharaman on Friday announced removal of surcharge on capital gains on shares for both foreign and domestic investors, provided an upfront Rs 70,000 crore equity infusion into public sector banks to boost lending, and unveiled measures to push automobile sales.