Ahead of the festive season, Finance Minister Smt. Nirmala Sitharaman sought the help of private banks and non-bank lenders to boost credit disbursal so as to stir up consumer demand. A few days ago, the government slashed the corporate tax rate in the hopes of augmenting the profitability of companies and spur private investments at a time when GDP growth cooled to a six-year-low of 5% in the June quarter & the private consumption expenditure stooped to an 18-quarter low of 3.1%.
“I have not heard liquidity as a problem (crisis or shortage) from anybody. That is one thing I would like to take as a message. If anything, more liquidity is reaching them, they see demand waiting and they won’t mind further extending the facility,” the minister was quoted saying.
Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.