Our government kept reform as top agenda since 2014: Nirmala Sitharaman

"Our government has kept reform at the top of our agenda, since 2014. We are maintaining the reform momentum, be it regarding self-certification or labour reforms or environmental clearance," she said while addressing a press conference here.

She said India's GDP growth rate remained high above other countries.

"Indian GDP growth continues high above other countries; consumption growth is down in not just emerging but also advanced economies; volatile situation has developed in global trade," she said. 

Sitharam said issuing of income tax orders, summons notices from Oct 1 will be be made through centralised computer system.

She said: "India’s economic growth rate still higher compared to global growth rate."

She said Corporate Social Responsibility (CSR) violation will not be treated as a criminal offence.

"It will be civil liability," she said.

She said: " The notion is being disproved that this government is inclined to go through prosecution; we are more in favour of penalty than prosecution where possible; we have withdrawn 14,000 prosecutions under Companies Act."

Speaking on the issue of automobile sector, Nirmala Sitharaman said BS-IV vehicles purchased till Mar 31, 2020 will remain operational till the period of registration.

"All pending GST refunds due to MSMEs will be paid in 30 days from today. In future, every refund will be paid 60 days," the Indian Minister said.

The government is releasing Rs 70,000 crore upfront for recapitalisation of state-run banks, the Finance Minister said. Banks will make home, auto loans cheaper, she assured the industry.

Banks agreed to launch repo rate-linked products, she said, adding that this will cause reduced EMIs for housing and vehicle loans and other retail loans.

Angel Tax provisions for start-ups have been removed, the minister said.