Sitharaman announces steps to boost economic growth

Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to revive economic growth.

Giving in to the demands of overseas investors, Sitharaman on Friday announced a rollback of enhanced surcharge on foreign portfolio investors levied in the Budget. Angel tax on start-ups has also been lifted.

The banks have been asked to transfer the benefits of repo rate cuts by the RBI to the borrowers. Nirmala Sitharam said that the move will bring the home and auto loan rates down. BS4 vehicles purchased up to March 2020 will all remain operational for their entire period of registration. The government will lift a ban that forbade government departments from buying new vehicles, even to replace old ones, the government putting off a proposal to increase registration fees of vehicles. On  measures to boost the economy, Sitharaman said the government respects and honours wealth creators.

"CSR violations... not be treated as criminal offence and will be civil liability," she said.

To address concerns over alleged harassment of taxpayers, Sitharaman said it has been decided that from October 1, all notices, summons, and orders of the Income Tax Department would be issued through a centralised computer system and would also have a computer-generated unique Document Identification Number.