Can India recover the economy as an ‘Atmanirbhar’ nation?

Foreign Direct Investment (FDI) has an enormous impact on the economic development of any country. Recently, the Union Minister, Hon’ble Shri Nitin Gadkari, said that India is in considerable need of Rs. 50-60 lakh crores of FDI and the money can be easily tapped by infrastructure projects as well as by the MSME sector to stimulate the wheels of the coronavirus-hit-economy. Such funds would serve the country as there is a call to inject liquidity in the Indian market.

In these tough times where entire world is fighting against Covid-19 outbreak and where India has gone under complete lockdown from 24th March 2020 onwards for 21 days, the taxpayers and professionals were getting a lot of inconvenience due to such lockdown.

To provide some relief and as a precautionary measures our Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. The measures are provided in the area of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Fisheries, Banking Sector and Commerce.

Here are major reliefs which are granted: