Removal of surcharge most important announcement: Anand Mahindra

Mahindra Group Chairman Anand Mahindra has said that the removal of enhanced surcharge on Foreign Portfolio Investors and domestic investors was the most important announcement made on Friday by Finance Minister Nirmala Sitharaman. “Because this was strong evidence of a listening capacity and the humility to course-correct. More than anything else, that should regenerate spirits,” he added.

“Holding a press conference & announcing a slew of measures instead of a ‘trickle of tweaks’ was smart communication. It garnered global attention & signaled Govt’s recognition of the gravity of the situation & an intent to reignite sentiment & growth,” he tweeted.

Addressing a press conference in Delhi, Finance Minister Nirmala Sitharaman announced a series of economic boosts.

Urging the Competition Commission to prepare for dealing with new challenges, Finance Minister Nirmala Sitharaman said there is a need to protect Indian enterprises from excessive abuse in terms of competition from international players in the changed global economic order.

Sitharaman, who also holds the corporate affairs ministry portfolio, flagged the issue of competition sans frontiers and at times, its adverse impact on Indian consumers.

Speaking at an event to celebrate the tenth anniversary of the Competition Commission of India (CCI), she said the time has come for the regulator to suo moto examine the impact of global firms on the domestic market in terms of competition.