Economy On The Path Of Revival With Strength: Finance Minister

Economy on the path of revival with strength: Finance Minister Sitharaman.

The economy of the country is on the path to recovery. Union Finance Minister Nirmala Sitharaman said this on Friday. She said that the increase in GST and direct tax collection is a sign of this.

Sitharaman said that confidence in the Indian stock market has increased as retail and small investors are eagerly investing money in the stock market.

The Finance Minister said that half-yearly targets have already been achieved in the case of Direct Taxes.

“The average GST collection is in the range of Rs 1.11-1.12 lakh crore every month. Probably it can be said that it is in the range of Rs 1.15 lakh crore per month.”

Sitharaman said, ‘I am clearly seeing signs of revival. These signs are good.

Had it not been so, revenue collection in the case of GST (Goods and Services Tax) and direct taxation would not have been at the level it is today.

“These are not small signs nor are there any sporadic signs. These clearly indicate that the economy is moving strongly on the path of revival.”

Responding to a question related to the stock market, Sitharaman said that the market has its own understanding of how it deals with companies.

She said there is transparency in the listing process and related regulations of companies.

The Finance Minister said, “Today retail and small investors are showing interest and investing in the stock market. Earlier, retail investors used to invest through mutual funds.”

“Now they are not only investing in the market through mutual funds but are also directly going (investing) in the stock market through Demat accounts”.

That is why today the interest in the stock market has increased and investments are increasing. Whatever is happening, it is happening in a transparent manner.

79 lakh fine imposed on Apna Sahakari Bank Mumbai.

The Reserve Bank has imposed a penalty of Rs 79 lakh on Apna Sahakari Bank, Mumbai for non-compliance with certain instructions including NPA classification.

The Reserve Bank said that the bank’s examination has revealed that it has decided to levy penal charges for NPA classification.

instructions were not followed on payment of interest on deposits in current accounts of deceased individual depositors or while settling claims.

Also for non-maintenance of minimum balance in savings bank accounts.

The statutory inspection of Apna Sahakari Bank was with reference to its financial position as of 31st March 2019.