Will address financial sector woes: FM Sitharaman at CII meeting

Union Finance Minister attends the Confederation of Indian Industry National Council Meeting, today in New Delhi at Hotel Shangri-la. This meeting came amidst when the economy is facing a slowdown and the auto industry is facing it's biggest crisis. 

Nirmala Sitharaman addressed the country's industrialists and said that the government is looking at financial sector woes and will address them soon. 

While interacting with industrialists, the finance minister said, "We are looking at financial sector woes & will address them. With all the inputs we have received, we will take these forward in the next few weeks."

We are looking at #financial sector woes & will address them. With all the inputs we have received, we will take these forward in the next few weeks ~ @nsitharaman, Hon'ble Finance Minister @FinMinIndia at #CIIinteraction. @nsitharamanoffc pic.twitter.com/206KlOyFmX

— Confederation of Indian Industry (@FollowCII) August 9, 2019

The industrialists also requested the finance minister to reduce the corporate tax for all business. Replying to it, Nirmala said that 'the government's intention is to reduce the corporate tax, but you have to wait'.

Nirmala also said that the Direct Tax Committee report will submit its recommendations on August 15 and the government will review the recommendations immediately. 

Direct Tax Committee report will come out on Aug 15 and Govt will look at the recommendations immediately ~ @nsitharaman, Hon'ble Finance Minister @FinMinIndia at #CIIinteraction @nsitharamanoffc

— Confederation of Indian Industry (@FollowCII) August 9, 2019

As per media report, the new direct taxation code will replace the Income Tax Act, 1961. And this new code would aim at simplifying the complex laws into simpler codes with lower rates, exemptions and tax slabs.

She also said that 'the government at no point and on no score wants to make it difficult for industry'. 

The apex auto industry body unanimously requested the government to reduce GST on vehicles from 28% to 18%.