Relief measures likely in 7-10 days
Finance Minister Nirmala Sitharaman is on a sectoral consultation drive to help the economy shift gears. She met industry as well financial market representatives today.
CNBC-TV18 has learnt that after all the consultations with respective stakeholders are over, the government is likely to come out with a mega package of announcements, especially for sectors like MSMEs, auto and financial markets.
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Sources in the know have indicated that the relief announcement may come in as early as next week. It is quite likely that the FM will take centre stage through a press conference and share the details of the package.
With the Reserve Bank of India cutting lending rates by 35 bps recently, sources have also told CNBC-TV18 that public sector banks (PSBs) have been sensitised to pass on the cut to consumers.
When asked specifically on the issue of GST cut for the auto sector, sources have indicated that relief measures except tax cuts might also be on the anvil.
Nirmala Sitharaman has till now met bank representatives, industry captains and market investors. She is scheduled to meet the realty and home buyers on Sunday.
Markets have been perturbed with the exodus of foreign portfolio investors (FPIs) and CNBC-TV18 has also learnt that that the Government may examine amendments to the finance act assuage the aggrieved.
First Published: Aug 9, 2019 5:52 PM IST
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