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When will the Modi Government’s measures to boost the economy after all?

Saturday - November 30, 2019 4:23 pm , Category : WTN SPECIAL
Modi Government worried about GDP figures
Modi Government worried about GDP figures

Economic growth’ slows down gives a big blow to economic growth

NOV 30 (WTN) - According to the statistics, the economic condition of the country is worrisome these days. The GDP growth figures for the second quarter of the current financial year are indicating that the country's economic situation is not good. For your information, let us know that the GDP growth in the second quarter of the current financial year (2019-20) has reached 4.5 percent, and this is the biggest decline in any one quarter in almost 6 years. However, according to K.V. Subramanian, chief economic advisor to the Modi Government, he is hopeful that the GDP growth rate will once again pick up in the third quarter of the current financial year.

It is also being claimed from the government that the GDP growth rate will be seen to increase in the third quarter of the current financial year, as the government has taken several major decisions to accelerate the economy in the last three months. And that is why it is being said from the government and the industry is hopeful that GDP figures may improve in the coming quarter. Let us tell you what are the decisions of the Modi Government, based on which it is being said, and it is hoped that the GDP growth rate can improve in the coming time.

First of all, for your information, let us know that in the month of September, the Modi Government had made a big announcement to cut corporate tax. In which the income tax limit was increased to 22 percent without any exemption on domestic companies. At the same time, after adding surcharge and cess, the company will have to pay 25.17 percent tax. This decision of the Modi Government is expected to benefit those big companies of the country, which fall in the 30 percent corporate tax slab.

At the same time, to deal with the global economic slowdown, the government has also given relief to domestic companies making new investments. For your information, let us know that according to the decision of the Modi Government, only the businessmen, who set up a manufacturing company after October 1, will have to pay tax at the rate of 15 percent. At the same time, after all, all types of surcharge and cess, the tax rate will be 17.10 percent.

This decision of the Modi Government will benefit the new investors more than before because earlier the new investors had to pay tax at the rate of 25 percent. According to the experts, this decision of the Modi Government will increase new business and it will increase employment opportunities.

The theory of economics is that when people have money, they will spend it, and when money is spent, the economy will grow by the circulation of money. Modi Government is going to organize 'loan fair' through banks in different cities of the country so that the money comes to the people. Through these loan fairs, the employees of the bank will organize camps in different areas and distribute the loan. The purpose of these loan fairs is to provide loans to entrepreneurs, farmers and other needy people to meet the cash shortage in the market.

Prime Minister Modi's goal, as you know, is to increase foreign investment in India. In order to achieve this goal, a task force committee was formed by the government recently. This committee has been given the responsibility to prepare a roadmap to increase investment of $ 1.4 trillion, or about 100 lakh crores in the coming 5 years.

At the same time, in the month of September, the Modi Government made several big announcements to boost real estate. Under this, the government will fund Rs 10,000 crore for those incomplete projects in which 60 percent of work has been completed. It is obvious that due to the grant of funds by the government, the uncompleted Real Estate projects will be completed and the house buyers will get the possession as soon as possible. At the same time, the Modi Government is going to make special windows for the fund required to buy a house. Through this window, the home buyers will be able to take a loan and they will be able to buy the house easily.

While reforming the banking sector, the Modi Government announced the merger of several big banks in the month of August. Although the merger of banks will take time to complete, the decision to merge the banks is expected to benefit the country's economy. According to banking sector experts, huge banks not only benefit the economy, but it also reduces their business costs.

Regarding the merger of banks, the Modi Government argues that this will make banks even stronger, which will increase their ability to lend. For your information, let us know that at present, the investment of many companies is being affected due to the weak lending conditions of some banks. At the same time, the Modi Government has talked about releasing 70 thousand crores to improve the economic condition of banks.

At the same time, the Modi Government is also trying to give momentum to the economy through disinvestment. For your information, let us know that in the general budget, the government had targeted to achieve an amount of about 1.05 lakh crore rupees from disinvestment in the current financial year. Under this, the government has recently approved the sale of a stake in 5 government companies, including BPCL. Apart from this, the Modi Government is going to reduce its stake in many other government companies.

It is not that only the economy of India is affected by the global economic slowdown. According to the International Monetary Fund, the economic slowdown has affected 90 percent of the world's economies. But fast-growing economies such as India and Brazil have a greater impact of the economic slowdown. To counter the economic slowdown and overcome it, the Modi Government has taken many measures at its level and is doing so. But now it has to be seen how long it will take for the economy of the country to regain momentum with these measures.