Wednesday , April 14 2021
Home / HEADLINES / INDIA / FM announces measures to boost economic growth 

FM announces measures to boost economic growth 

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.

Please share this news