Sitharaman gets thumbs up on steps to combat slowdown

New Delhi, Aug 24 (IANS) Finance Minister Nirmala Sitharaman has got loads of support from the Union Cabinet and her party on the steps announced by her to combat the economic slowdown in the country.

Prime Minister Narendra Modi gave a thumbs up to the announcements tweeting: "The measures announced by Finance Minister Nirmala Sitharaman will facilitate ease of doing business, improve demand, make credit affordable and boost the overall economy."

Home Minister Amit Shah also welcomed the announcements. "Measures to encourage investments in capital markets and facilitating the start up ecosystem, streamlining GST refunds and steps to quickly resolve tax related issues will help our entrepreneurs and market sentiments. I congratulate PM @narendramodi for these progressive steps," he tweeted.

"Decision to infuse capital in our banking system and ensuring liquidity in the NBFCs along with necessary protection for bankers will help step up credit off-take and private investments. Easier KYC, lower interest rates and faster loan processing will enhance retail consumption," he added.

"Growth is the Modi government's priority. India's economic fundamentals, despite a global slowdown, remain robust. The slew of measures announced by the Finance Minister reiterate our commitment to improve ease of doing business, easier credit to MSMEs and more money in the hand of individuals," the Home Minister noted.

Shah further observed that "India's economy remains resilient and despite global slowdown is performing well. Our government has been fiscally prudent while prioritising growth. Today's announcements by FM @nsitharaman only reinforce the fact that Modi 2.0 is committed to make India a $5 trillion economy."

Bharatiya Janata Party (BJP) Interim President J.P. Nadda too praised the steps to boost the economy. "Under the visionary leadership of Hon. PM Sh. @narendramodi Ji some major transforming measures have been taken to boost economy, which are related to facilitating wealth creators, taxation measures, increasing capital flows and energising financial markets, infrastructure," Nadda tweeted.

"I also thank our Finance Minister for such bold and people-friendly decisions. These will give a huge boost to the economy and bring major relief to all entrepreneurs and businessmen," he added.

In a bid to stabilise the faltering economy, Sitharaman had on Friday announced removal of surcharge on capital gains on shares for both foreign and domestic investors, provided an upfront Rs 70,000-crore equity infusion into public sector banks to boost lending, and unveiled measures to push automobile sales.