Finance ministry unveils detailed presentation on steps taken to boost economy

The Chief Economic Advisor Krishnamurthy Subramanian outlined the steps that the government has taken to boost the economy and put it on track to achieve the $5 trillion GDP goal as mentioned in the Union Budget.

Here’s a list of all measure announcements that were made:

*Economic survey outlined a plan to make India $5 trillion economy with emphasis on driving up investment. On the consumption side, the government has taken steps to help the NBFCs and HFCs.

*The govt provided support to NBFCs/HFCs under the partial credit guarantee scheme. The govt sanctioned support for Rs 4.47 lakh crore to NBFCs & HFCs which includes Rs 1.29 lakh crore for pool buyout of assets.

*Within two days of cabinet approval, 17 proposals worth more than Rs 7,000 crore approved. Proposals worth Rs 20,000 crore will be approved over next two weeks under the partial credit guarantee scheme.

*On investment side, the government has taken steps to boost investment, support real estate, credit expansion, corporate tax and bank recapitalisation.

*To boost liquidity in the market, the government has cleared dues worth more than 60% of 32 CPSEs in the last two months.

* Under the new external benchmarking scheme announced by the RBI, more than 8 lakh or Rs 72,201 crore worth of loans sanctioned under the new regime till Nov 27.

*66% of Budgeted capex expenditure of Rs 3.38 lakh crore has been taken so far. Higher government capital expenditure allows crowding in of private investment. April-Nov capex of 32 CPSEs is at Rs 98,000 crore.

*FDI inflows of $35-billion in first half of FY20 vs $31 billion in the same period last year has been achieved.

*Rs 1.57 lakh cr tax refunded this yr vs Rs 1.23 lakh cr last yr: Revenue Secretary. The step will boost consumption in economy.