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Govt working on income tax rate cuts among other measures to put economy on track: Sitharaman

Govt working on income tax rate cuts among other measures to put economy on track: Sitharaman

India Blooms News Service | @indiablooms | 07 Dec 2019, 01:11 pm

New Delhi/IBNS: The government is set to introduce more measures, including rationalisation of personal income tax to revive the economy, Finance Minister Nirmala Sitharaman said on Saturday, media reported

Besides taking several measures in the months of August and September, the public sector banks have given out Rs 5 lakh crore in loans in hinterland during the festive season without breaching the prudential norms, the Finance Minister said at the HT Leadership Summit here.

The government is adopting the "direct method" to stimulate the economy, Sitharaman said and added that the spending on infrastructure has been strategised to reach the core industries labour, and so on, she said.

During the event, the Finance Minister also said the government is considering income tax rate cuts to put more money in the hands of people, among other things.

In Sep last, the government slashed corporate tax rate to 22% for domestic companies and 15% for newly formed domestic manufacturing companies with a Rs 1.45 lakh crore tax break, after which demands have been raised to slash personal income tax rates to boost consumption.