The sluggish economy and the loss of jobs in different sectors remain a matter of concern throughout the country.

Amidst these concerns, India's Union Finance Minister Nirmala Sitharaman said on Friday that the government is fully aware of the country's current economic condition and the country's development agenda is at the top.

Finance Minister Nirmala Sitharaman withdrew the decision to increase income tax surcharge on the income of Foreign Portfolio Investment (FPI) during the budget. Also, the decision to increase income tax surcharge for domestic investors was also canceled.

The finance minister also announced the withdrawal of the government's decision to increase the surcharge on long-term and short-term capital gains in the stock market.

Union Minister of State for Finance Anurag Thakur, Finance Secretary Rajiv Kumar, Revenue Secretary Ajay Bhushan Pandey, Economic Secretary Atanu Chakraborty, Expenditure Secretary Girish Chandra Murmu were also present in this press interaction with Finance Minister.

Announcements of Nirmala Sitharaman
- 70 thousand crore bailout packages approved for public sector banks.
- Banks will have to pay the benefit of the repo rate reduction to the customers by reducing interest.
- Loan settlement terms become easier. Loan application will be monitored online. Banks must deliver the documents to customers within 15 days of the loan withdrawal.
- No one will be harassed for tax. The tax assessment will be completed in three months. Income tax orders will be issued through the centralized system from 1 October.
- GST refund will be easy, all GST refunds will be done in 30 days. Refund will be given within 60 days of application of MSME.
- A package of Rs 100 crore will be given for the infrastructure sector. A special task force will be formed to monitor the functioning of this sector.
- CSR violation would be considered a civil offense, not a criminal.
- A separate cell will be created for matters related to startup tax settlement.
- Section 56 2 (b) of Income Tax will not apply in Startup Registration. Angel tax ends in startups.
- BS-IV vehicles purchased till 31 March 2020 will remain till their registration period and their one time registration fee has been extended till June 2020.
- Government will bring scrap policy (surrender of old vehicles) in automobile sector. The government is working on several schemes to increase the purchase of vehicles.
- The trade war between the US and China has negatively affected the situation.
- Countries like USA and China are expected to fall in demand but our growth rate is ahead of them.
- America and Germany are facing opposite yield curves, which means that demand has decreased in these countries.
- Indian economy is strong. It became easy to do business here. We are constantly easing business. All ministries are working together for this.
- Prime Minister Modi said that we respect the wealth creators. We met people from different sectors. Reform tops the government's agenda.
- Moody's has reduced India's GDP growth to 6.2 percent from 6.8 percent earlier.
- Global growth may be below 3.2% in 2019.
- It now takes less time than before to approve the environment. Income tax filing has become much easier than before. We will make GST easier.
- In terms of Ease of Doing Business, this government is far ahead of previous governments.
- Next week some announcements will be made regarding home buyers and other matters.

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