Stimulus package will boost growth and stabilise economy: CII

CII said the measures announced come at a time when the world economy is buffeted by global headwinds and trade slowdown.

Announcements made by FM are major enablers to support growth: SBI chairman

Bank recapitalisation at one go will provide a big impetus to credit growth.

The move will also lead to cheaper working capital loans for industry.

Govt increased surcharge from 15 per cent to 25 per cent on taxable income between Rs 2 crore and Rs 5 crore.

The government has set fiscal deficit target of 3.3 per cent of the GDP for the current fiscal.

Sitharaman said she was confident of meeting the fiscal deficit target of 3.3 pc of GDP considering the trend in revenue collections.

The move is expected to generate an additional lending and liquidity in the financial system to the tune of Rs 5 lakh crore.

Working capital loans for industry will also become cheaper, FM Nirmala Sitharaman said.

The government has notified the Code after it received assent from the President of India on August 8.

GDP growth is set to slow further in April-June quarter of this year to 5.7 pc amid contraction in consumption, weak investments.