nirmala sitharaman press conference

The Prime Minister stressed the recent announcements show that the government is "leaving no stones unturned" to make India more business-friendly and to achieve a USD 5 trillion economy in the next few years.

Sitharaman stated that corporate tax rate will be 22 per cent without exemptions, inclusive of surcharge and cess. "No Minimum Alternate Tax (MAT) applicable on such companies," she said.

Vehicle sales across categories registered a decline of 18.71 per cent to 18,25,148 units from 22,45,223 units in July 2018, it added. In fact, all vehicle categories witnessed a decline in sales during the month.

The slowdown in auto sales also stems from a severe liquidity crunch in the non-banking financial sector which has dried up lines of credit to both auto dealers and potential car buyers.