Friday, December 13, 2019

Discussion about increase in GST rates everywhere except my office: Nirmala Sitharaman

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Amid the slowdown in the economy, Finance Minister Nirmala Sitharaman said on Friday that the discussion about increasing GST rates (GST rates) to increase revenue is everywhere except in my office.

Inaugurating the press conference, Chief Economic Advisor Krishnamurthy Subramaniam said that 66 percent of the capital expenditure of Rs 3.38 lakh crore has been used in the budget to give a boost to the economy.

Chief Economic Advisor Krishnamurthy Subramaniam said on Friday that the government is looking at ways to increase consumption to accelerate economic growth. He gave details of the steps being taken to bring the economy above the six-year low economic growth, including cuts in corporate taxes to improve the returns of companies.

Subramaniam said that apart from providing capital to public sector banks along with all round funding in realty sector has been made available. He said that Rs 4.47 lakh crore has been allocated for non-banking finance companies and housing finance companies to boost retail credit. 7,657 crore has been approved under the Partial Credit Guarantee Scheme.

The Chief Economic Advisor said that 66 percent of the capital expenditure of Rs 3.38 lakh crore has been used in the budget to give a boost to the economy. Ministry of Railways and Roads has incurred capital expenditure of Rs 2.46 lakh crore till 31 December. Subramaniam said that till November 27, more than 8 lakh loans of Rs 70,000 crore have been given on interest related to repo rate.

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