INSUBCONTINENT EXCLUSIVE:
for the industry including a slew of financial measures ranging from tax cuts, subsidies and other incentives, sources said.Official sources
said the package would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus
to ease of doing business.As concerned voices rise in India Inc over a consistent fall in demand, the measures would also try to address the
issues of raising consumption by providing more money into the hands of consumers and reducing the prices of consumables by reducing
indirect tax rates of a host of consumption items.Already, a separate package is being looked at for the auto sector whose representatives
recently met Finance minister Nirmala Sitharaman
The industry has sought lower GST rates on automobiles and introduction of a scrappage policy that incentivises new purchase
The government has already reduced GST on electric vehicles.The stimulus is also likely to cover the financial markets that may get relief
from the tax on FPIs imposed in this year's Budget
While Finance Ministry officials are unwilling to indicate what changes could be made, sources said the matter has been discussed internally
transactions such as tax on dividend distribution may be rejigged and so is the case with tax on share buybacks introduced in the Budget
this year.Nirmala Sitharaman on Thursday met industry representatives, and the business executives who attended the meeting said the
minister has assured them of taking steps to revive the economy.Sajjan Jindal, chairman and MD of JSW Group tweeted: "The @FinMinIndia has
assured that special attention will be given to the MSME and NBFC sectors as they play a vital role in the revival of our economy
They have also committed to address the issues of the Steel, Auto - Textile sectors on priority.""All industry leaders left the meeting in
an upbeat mood about the revival of the Indian economy," he said in another tweet.Ms Sitharaman will meet representatives of the financial
sector on Friday.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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