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Business News

Sep 13, 2019

NDA govt's Key steps to make India 5 trillion economy

With an objective to make India a five trillion dollar economy, the NDA government has undertaken several measures to boost the economy. It has set up two Cabinet committees to spur investment and create new employment opportunities in the country. 

It has also formed a high-powered Committee on structural reforms in the agriculture sector. The merger of ten Public Sector Banks into four entities is a historic move to rationalise operations reducing the cost of lending and enhance profitability. 

The decision will enable Banks to enhance credit capacity, risk appetite, better ability to raise resources from markets, strong national presence and global competitive edge. 

Besides, 70 thousand crore rupees will be released to public sector banks upfront and additional lending and liquidity to the tune of 5 lakh crore rupees to benefit corporates, retail borrowers, MSMEs, small traders and others.

Linking repo rate to interest rate led to reducing EMI for Housing Loans and  Vehicles. To boost the automobile sector, the Narendra Modi Government has increased the allowable depreciation to 30 per cent on all vehicles acquired from now till March 2020. 

The ban on the purchase of new vehicles by Government Departments has also been lifted. The customs duty is being exempted on certain parts of electric vehicles to further incentivise e-mobility. 

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