LIVE: Govt gives FPI relief, makes loans cheaper, revs up auto sector

FM Nirmala Sitharaman is expected to announce steps to revive India's economic growth. Catch all LIVE updates here

Finance Minister Nirmala Sitharaman is holding a press briefing, amid expectations that the government would announce steps to revive the country's economic growth.

India's GDP growth in January-March slid to a near five-year low of 5.8 per cent, and most analysts expect the data due later this month to show that growth in April-June faltered even further.

ALSO READ: Big relief for market as govt withdraws FPI surcharge: 10 key announcements

Domestic passenger vehicle sales, a key economic indicator, plunged an annual 31 per cent in July - the steepest recorded pace of decline in nearly two decades.

6:12 PM

Sops for auto industry

Higher vehicle registration fee deferred till June 2020. Govt departments will be "actively told" to replace their old vehicles. Ban on govt departments goes: FM Sitharaman

6:04 PM

Aadhar-based KYC for demat accounts

Aadhar-based KYC to be permitted for opening of demat accounts and investing in mutual funds: FM Sitharaman. 

6:01 PM

MSME definition

Laws to be amended to ensure one MSME definition: FM Sitharaman

 

5:55 PM

NBFCs can use Aadhaar

Extra Rs 20,000 crore for HFCs from NHB; NBFCs can now use Aadhaar-linked KYC: FM Sitharaman

 

5:48 PM

Bank loans cheaper, easier

Banks to make home, auto loans cheaper, says Finance Minister Sitharman.  Banks to ensure mandated return of loan documents to customers within 15 days of loan closure. It wil benefit customers who have mortgaged assets.

5:45 PM

Bank loans

Banks have decided to launch an external benchmark-linked loan products. This will result in reduced EMI for housing loans, vehicles and other retail loans

5:44 PM

Angel Tax dropped

FM says govt to withdraw 'Angel Tax' provisions for start-ups and investors

5:44 PM

Surcharge goes

FM says govt has decided to withdraw surcharge on long and short term capital gains. 

 

5:39 PM

Notice to tax assesses

All notices to tax assesses to be replied to within 3 months from October 1: FM Sitharaman

5:35 PM

5:35 PM

CSR violations

There is no intention of the government to go on the prosecution route. CSR matters will be treated as civil liablity: FM Sitharaman.

5:31 PM

Respect for wealth creators

Respect for wealth creators was spirit of budget for FY20; consultations with different sectors to understand their needs thereafter: FM Sitharaman

 

5:31 PM

India's growth higher

India's growth rate higher in comparison with many countries: FM Sitharaman

5:27 PM

Global GDP growth may be revised

Global GDP growth may be revised downwards from current estimate of 3.2%; global demand going to be weak: Nirmala Sitharaman

 

5:25 PM

Momentum on reforms

The government has not lost the momentum on reforms: Nirmala Sitharaman