. @MoodysInvSvc has reassessed India's 2020 GDP growth at -8.9% (as against -9.6% earlier)
For 2021, they have revised estimate to 8.6% (from 8.1% earlier)
This shows that a positive correction is happening as regards our economic prospects.
28 states have been brought under #OneNationOneRationCard scheme, 68.6 crore beneficiaries can hence lift food grains from any of these 28 states/UTs
Around 14 lakh loans have been sanctioned under #PMSVANidhi scheme for street vendors.
₹ 25,000 crore has been distributed to help farmers prepare for Rabi sowing, this is over and above the budget allocation
Under Emergency Credit Liquidity Guarantee Scheme, a total amount of ₹2.05 lakh crore has been sanctioned to 61 lakh borrowers, out of which ₹ 1.52 lakh crore has been disbursed.
Utsav Cards being issued by @TheOfficialSBI for festival advance
“Amount equivalent to 3.2% of GDP was injected into the system by @RBI, during Feb 6 - Mar 27; since then surplus liquidity in banking system has considerably increased due to sustained government spending” @RBI
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“The foreign exchange reserve level continues to be robust, amounting to $ 476.5 billion, equivalent to 11.8 months of imports” @RBI
“Three auctions of Targeted Long Term Repo Operations have been conducted by @RBI, another TLTRO is being conducted today. This has eased financial conditions considerably” @RBI
A domestic company can pay income tax at 22% if they dont seek any exemption or incentives.
Effective Tax Rate 25.17% inclusive of all surcharges and cess for such domestic companies
Such companies also not required to pay Minimum Alternative Tax.
To provide relief to companies which continue to avail exemptions and incentives, rate of Minimum Alternate Tax has been reduced from existing 18.5% to 15%.
BOOST TO INVESTMENT IN MANUFACTURING
New Provision in IT Act
Any new domestic company incorporated on or after 1st Oct 2019 making fresh investment in manufacturing has an option to pay tax at 15% if not seeking incentives and commence production before 31st Mar 2023.