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FM announces measures to boost economic growth

Sep 15, 2019

Government unveils measures to boost Economic Growth; Finance Minister announces a Rs 10,000 crore special window to provide last mile funding for housing projects in affordable and middle income category; also announces new scheme for Remission of Duties or Taxes on Export Product to incentivise exporters.

In a major push to the housing and exports sectors Finance Minister Nirmala Sitharama has annonced a slew of measures. The new package of measures for exports would address tax and duties refunds for exporters and improve credit flow to the export sector.

In a Major relief to the Housing Sector Government has annouced a fund of Rs 10,000 crore for completion of stalled housing projects which are not affected by NPAs or NCLT Issues.

Finance Minister Nirmala Sitharaman on Saturday announced a fresh set of measures to boost housing and export sectors.

---For home buyers, government has annouced a fund of Rs 10,000 crore for completion of stalled housing projects

---These Should be non-NPA and non-NCLT projects in affordable and middle income category

---However, the fund will not cover the projects affected by NPA and NCLT issues

---Rs 10,000 crore will allocated by the government, and an equal amount will be invested by other investors

---To encourage government servants to buy new houses, the interest rates on House Building Advance will be lowered and linked with 10-year G-sec yields.

Finance Minister Nirmala Sitharaman also announced a slew of measures to revive business sentiments among country's exporting fraternity.

---New scheme called Remission of Duties or Taxes on Export Products will replace the existing all Merchandise Exports from India Scheme i.e. MEIS

---Under Interest Equalization Scheme incentive has been increased to 5% for MSME exporters with effect from November 2, 2018

---Fully automated electronic refund route will be in place for input tax credits in GST

---Export Credit Guarantee Corporation will offer higher insurance cover to banks lending working capital for exports

---An action plan to reduce time to export turn-around time in airports and ports benchmarked to international standards will be implemented by December 2019

---In a bid to help the exports, the government has also revised priority sector lending norms for export credit

---Annual mega shopping festivals in India will be organised in four places in march 2020 in four themes in India which will provide big market to the exporters

---Handicrafts industry will be enabled to effectively harness e-commerce for exports

Finance Minister Nirmala Sitharaman said that there are clear signs of revival of industrial production and fixed investments and steps taken by the government will give a major push to the housing and the exports sector

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