The budget presented by finance minister Nirmala Sitaraman failed to revive the slowing economy and in order to arrest the decline yesterday, she had almost 2 hours briefing stating the measure taken to revive the economy. Most of the people are referring to her speech as a mini budget considering the kind of measures announced by her.
The speech was to restore the confidence of businesspersons and traders. It also established the fact that government has accepted that the job losses and slowing down of economy is not media hype and government must act to respond positively to bring back consumer confidence as the festive season is about to begin
The finance minister has taken her first step for boosting growth by announcing various administrative measures like the release of goods and services tax (GST) refund, prompt payment to vendors, encouraging corporates to buy more automobiles by raising the rate of depreciation, correction in higher surcharge on foreign portfolio investments (FPI), etc.
These measures have come when just a few days back RBI has said that no large NBFC will be allowed to fail. It is assumed that that by nudging the state-owned banks to buy portfolios of cash-starved NBFC against partial guarantee would help in calming the nerves of a large shadow banking industry that been the main culprit for panic and market volatility.
Going forward the finance minister will have to come out with a fiscal stimulus rather than waiting for the slowdown to hit the job market badly.
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