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Nirmala Sitharaman press conference: FM refuses to acknowledge economic slowdown; says sectoral talks underway

BusinessToday.In     September 1, 2019

Nirmala Sitharaman press conference: Finance minister Nirmala Sitharaman Sunday briefed media after interacting tax officers in Chennai. This was her 6th meeting with Central Board of Direct Taxes (CBDT) officials. However, she refused to make a comment on former Prime Minister Manmohan Singh's remarks on the state of economy. While addressing the media, Sitharaman said that the government is in consultation with a lot of sectors and that the sectoral reforms are underway.

Catch Finance Minister Nirmala Sitharaman's media briefing Live Updates on BusinessToday.In

2.35 pm: Finance Minister Nirmala Sitharaman on the Banking sector: "There is no closure of banks. No banks are being asked to do anything different from what they were doing. Infact we are giving them more capital to do what they were doing."

2.26 pm: FM Nirmala Sitharaman on the NBFC crisis: "We have worked steps which has an immediate impact on the ground. Atleast 4 NBFCs have come out after our announcements. We have put together a stopgap arrangements for those who have liquid and those who don't," she stated.

2.24 pm: FM Sitharaman refused to recognise the economic slowdown. "The govt is been in consultation with a lot of sectors. In some sectors the inventory is piling up. Have heard them and announcements were made on 23rd. Last Friday also we made announcements," she said. "Are we witnessing economic slowdown, Is govt acknowledging there is slowdown?': I'm meeting industries&taking their inputs,suggestions on what they would want&expect from govt, I'm responding to them.I have already done this twice.I will do it more no. of times," Sitharaman added.

2.22 pm: Finance Minister refuses to comment on former Prime Minister Manmohan Singh's remarks on the state of Indian economy. "I have no thoughts on what he said. He said it and I listen to it," she said.

2.20 pm: "The tax enforcement authorities should function as tax facilitators and that is our primary object. Tax facilitators should enable large industries to functions under tax compliances. This is the 6th conference. After this we will go to tier two cities as well. Targets for revenue generation are not unrealistic. The performance of the area is good particularly customs, income tax, GST. I can see tax enforcing authority becoming tax enforcing authority," says finance minister Nirmala Sitharaman.

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