India's GDP growth continues to be high above US, China: Nirmala Sitharaman

"GDP growth of India continues to be high above other countries. Consumption growth is down in not just emerging but also advanced economies. Volatile situation has developed in global trade," Sitharaman said addressing a press conference here.

The government has kept reform at the top of the agenda since 2014, she said.

"We are maintaining the reform momentum, be it regarding self certification or labour reforms or environmental clearance," she maintained.

Sitharaman stated the current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards.

"The notion is being disproved that this government is inclined to go through prosecution, we are more in favour of penalty than prosecution where possible; we have withdrawn 14,000 prosecutions under Companies Act," the minister said.

About measures to bring simplification in taxation, Sitharaman said during taxation, notices, summons, orders by the income tax authorities will be issued by a centralised system.

"'There will be faceless scrutiny from 'Vijay Dashmi' this year, which will mean that there shall not be even that 'one odd over-enthusiastic officer who might go and sit and talk about things, which may be construed as harassment," she said.

The government is releasing Rs 70,000 crore upfront for the recapitalisation of state-run banks, the Finance Minister said.

Banks will make home, auto loans cheaper, she assured the industry.

Banks agreed to launch repo rate-linked products, she said, adding that this will cause reduced EMIs for housing and vehicle loans and other retail loans.

Angel Tax provisions for start-ups have been removed, the minister said.

CSR violations will not be treated as a criminal offence, and instead would be a civil liability, she stressed.