Nirmala Sitharaman, the Finance Minister of India, on the 14th of September, announced the second set of initiatives by the Finance Department of India to boost the economy of India.
Emphasising more on the economic situation of India, Ms. Sitharaman strategised and came up with the schemes and rules to enhance the growth of the Indian economy.
Nirmala Sitharaman, on the 14th of September, conducted a press conference and announced the key schemes and changes.
Ms. Sitharaman said the focus will be more on macroeconomic fundamentals, tax reforms, exports and homebuyers of India.
Speaking about the inflation in India, Ms. Sitharaman said inflation is under control, therefore, the Central Government can revive the industrial production in India.
Further, the Finance Minister said there will be removal of offline ways of tax assessment and the process will be completely digital.
Apart from this, taxpayers with minor defaults will not face any legal proceedings or be prosecuted.
In order to enhance the exports, the Bharatiya Janata Party (BJP) led Central Government will soon introduce a six point plan. Besides, remission of duties or taxes on export products, especially textiles, will replace the Merchandise Exports from Indian Scheme (MEIS.) The remission will come into effect from the 1st of January 2020.
On the 19th of September, Nirmala Sitharaman is also expected to meet the heads of Public Sector Banks (PSBs) and will review the credit flow system.
In August, Ms. Sitharaman announced a mini Budget and the 1st set of initiatives for the improvement of the economy of India.
Stay tuned for further updates.