The government has started work on rolling out a slew of new measures for small and medium sized enterprises, exporters and textile manufacturers, sources told Economic Times.
The government has started work on rolling out a slew of new measures for small and medium-sized enterprises, exporters and textile manufacturers, sources told Economic Times.
The sources said that a Cabinet meeting held on September 27 had discussed proposals about giving stimulus to these sectors, given that they haven’t performed to their optimum strength over the last few quarters.
"Some important announcements aimed at giving a shot in the arm to these sectors will be made in the next few days," a senior government official told ET.
BJP leaders Yashwant Sinha and Shatrughan Sinha recently spoke out against the prevalent slowdown in the Indian economy. GDP growth rate for the quarter ended June came in at 5.7 percent.
In addition, the government is likely to take up proposed changes to certain items under various tax slabs in the next meeting and a possible revision in tax rates might be on the cards.
The above-mentioned sources said that with the Gujarat elections around the corner, the Centre wants to set its affairs in order and address growing concerns about a slowdown in the economy in order to outweigh any anti-incumbency sentiment that might have gripped voters.The government is also likely to focus on strengthening nationalised banks in order to increase lending to small businesses and middle-class individuals. The sources added that the government will have tamed fiscal deficit by the time the Budget is next presented.