New Delhi: Prime Minister Narendra Modi on Thursday reviewed the state of economy and the likely steps to arrest the current slowdown with Finance Minister Nirmala Sitharaman and senior bureaucrats, sources said. The Prime Minister also reviewed various proposals that might be used to shore up stalling growth, the sources added. The finalised stimulus package, which might include new policy framework and tax cuts, are likely to be announced in about two-weeks' time, sources said.
Various sectors are facing a sales downturn and truncated growth due to combination of factors such as high GST rates, natural calamities, stagnant wages and low job creation. IANS had earlier reported that the slowdown-hit economy may soon get a booster dose from the government with Finance Ministry working on a stimulus package for the industry which may include a slew of financial measures ranging from tax cuts, subsidies and other incentives.
Specifically, sources said the package would not only aim to reduce the cost for the industry but would also lay out procedures that would further provide impetus to ease of doing business.This could also include measures by the revenue department to ensure honest taxpayers are not harassed and those who commit minor or procedural violations are not subjected to excessive action.