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2-min read

First, Praise for PM, Now an Offer: Shatrughan Sinha Extends Help on India's Slowdown with Kishore Kumar Song

In a bid to stabilise the faltering economy, Nirmala Sitharaman had on Friday announced the removal of surcharge on capital gains on shares for both foreign and domestic investors.

News18.com

Updated:August 25, 2019, 11:07 PM IST
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First, Praise for PM, Now an Offer: Shatrughan Sinha Extends Help on India's Slowdown with Kishore Kumar Song
Illustration by Mir Suhail.
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New Delhi: Days after heaping praise on Prime Minister Narendra Modi for his Independence Day speech, the known critic of the BJP, Shatrughan Sinha, returned with another attack on the Centre. This time he targeted the government over economic slowdown.

In a trail of tweets, Sinha said that the economic slowdown clearly seems to be everyone's talking point right now. "Don't you think we should do something about it?" the actor-politician wrote.

India's economic growth has slowed to 6.8 per cent in 2018-19 — the slowest pace since 2014-15, and various projections by private experts and the central bank estimate that the GDP growth in the current year will be less than government estimate of 7 per cent.

In ominous signs that the slowdown may be deep, the auto sector is facing its worst crisis in two decades with reports suggesting thousands of job losses in the automobile and ancillary industry, real estate sector has huge unsold inventory, while fast-moving consumer goods (FMCG) companies have reported a decline in volume growth.

A report claimed that India's largest biscuit maker, Parle Products Pvt Ltd, may also lay off up to 10,000 workers if a bruising consumption slowdown persists.

Parle, popular for its Parle-G and Marie brand of biscuits, is not the only food product company to have flagged a slowing demand. Earlier this month, biscuits maker Britannia Industries Ltd's Managing Director Varun Berry said consumers were "thinking twice" about buying products worth just Rs 5.

In a bid to stabilise the faltering economy, Finance Minister Nirmala Sitharaman had on Friday announced the removal of surcharge on capital gains on shares for both foreign and domestic investors, provided an upfront Rs 70,000-crore equity infusion into public sector banks to boost lending, and unveiled measures to push automobile sales.

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