Enabling insurance policies and proactive steps taken by the federal government — together with company tax cuts and digitisation of the economic system — helped the nation cope with the unprecedented scenario arising as a result of pandemic, Finance Minister Nirmala Sitharaman stated on Wednesday.
Speaking on the ‘India’s Economic Journey@75’ occasion, being collectively organised by the Department of Economic Affairs and Sebi as a part of the Azadi Ka Amrit Mahotsav iconic week celebration, she stated India, with its robust fundamentals, has periodically confronted challenges and emerged out of it.
The minister stated numerous steps taken by the federal government since 2014 helped preserve the economic system and folks afloat in tough occasions and its focused method in the course of the pandemic helped residents.
“Even after pulling the economy out, removing all the under-growth (post-2014), you still had challenges and in a way the three major steps which were taken — reducing the corporate tax, formalisation/digitisation of the economy, IBC code, GST — the heavy-lifting that happened prepared us for a situation which nobody could imagine,” Sitharaman stated.
She stated over the past 2 years, regardless of COVID, Indian retail buyers have discovered on-line means to entry the inventory market and Sebi has a task to play in investor training.
Sitharaman emphasised that the federal government seems on the focused method of offering help and takes the enter from the bottom shortly.
Source: www.financialexpress.com”