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14/12/2019 12:45pm

We have taken concrete measures to achieve the five trillion dollar GDP goal: Nirmala Sitharaman

image We have taken concrete measures to achieve the five trillion dollar GDP goal: Nirmala Sitharaman

New Delhi, Dec 14 (KNN) In order to achieve the five trillion dollar Gross Domestic Product (GDP) goal by 2024, the government has taken concrete measures, says Finance Minister Nirmala Sitharaman.

While addressing a press conference on Friday, the Finance Minister, said, "The government has been working for the economy where it is needed. Results have started showing for the (economic) reforms we have taken,"

Chief Economic Advisor K V Subramanian and Revenue Secretary Ajay Bhushan Pandey too were present at the press conference.

Amid economic slowdown, Sitharaman highlighted some of the measures, which the finance ministry has taken to boost economy like enabling retail credit by supporting non-banking finance companies (NBFCs) and  housing finance companies (HFCs), clearing all government dues including those of public sector units, supporting micro small and medium enterprises (MSMEs)  via bill discounting and tax refunds.

However, Subramanian too addressed media and said total sanctioned support of Rs 4.47 lakh crore to NBFCs and HFCs includes Rs 1.29 lakh crore for pool buyouts of assets.

''The dues of 32 central public sector enterprises were cleared by more than 60 per cent in the past two months,'' he asserted.

He also informed that so far, the continuous liberalisation has resulted in record foreign direct investment inflows of 35 billion dollars in the first half of 2019-20 as against 31 billion dollars in the first half of 2018-19.

He also lauded the reduction in corporate tax and asserted that these tax rates make India more attractive than other countries.

He further said that to ensure liquidity in the economy, government and public sector undertaking dues of up to Rs 61,000 crore have been cleared in the past two months.

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