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GST council meet: Modi to combat downturn by easing burden on small firms

Informal sources of working capital (for smaller firms) has dried up

Reuters  |  New Delhi 

Prime Minister Narendra Modi's government is set to cut red tape for small and medium-sized companies on Friday, as it rushes to address growing criticism of its stewardship of Asia's third-largest economy. Modi, in a rare acknowledgment that economic sentiment had turned negative, this week defended his handling of the economy, which in the June quarter grew at an annual 5.7 percent, its slowest rate in three years. Small and medium-sized enterprises, crucial to Modi's plans to create millions of more jobs, have been hurt by a massive tax overhaul launched in July ...

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First Published: Fri, October 06 2017. 12:29 IST