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Nirmala Sitharaman presser highlights: FM announces sops for exports, housing projects to beat economic slowdown

FM Nirmala Sitharaman press meet: The FM says that as part of affordable housing, the government will give additional deduction up to Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh

twitter-logo BusinessToday.In   New Delhi     Last Updated: September 14, 2019  | 17:30 IST
Nirmala Sitharaman presser highlights: FM announces sops for exports, housing projects to beat economic slowdown
Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday announced a series of measures to boost exports and real estate sectors in the country. To boost export, the FM said the scheme of Remission of Duties would completely replace all Merchandise Exports from India Scheme from January 1, 2020. The FM said the Centre was working to reduce 'time to export' by leveraging technology further, and that the action plan to reduce turn-around time at airports and ports bench-marked to international standards would be implemented by December 2019. To boost the housing sector, the FM said the government would set up a special window worth Rs 10,000 crore to provide last mile funding for housing projects, which are non-NPA (Non-performing asset) & non-NCLT (National Company Law Tribunal) projects & are net worth positive in affordable and middle income category. "The objective is to focus on construction of unfinished units," the FM said. The special fund size of Rs 10,000 crore would be contributed by the Centre and roughly the same amount would come from outside investors, said the FM.

Catch all the live updates on Nirmala Sitharaman's presser on BusinessToday.In Live blog

3.52 PM: The FM announces Rs 10,000 crore special window for last-mile funding of housing projects.

3.49 PM: Relaxation of ECB guidelines for affordable housing: "The ECB guidelines will be relaxed to facilitate financing of home buyers who are eligible under the PMAY, in consultation with the RBI. This is in addition to the existing norms of ECB for affordable housing."

3.47 PM: Government announces measures to boost housing: "External commercial borrowing guidelines to be relaxed".

3.44 PM: The FM says that as part of affordable housing, the government will give additional deduction up to Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh

3.38 PM: With a focus on the construction of unfinished units, the FM has announced a special window to provide last mile funding for housing projects, which are "non-NPA and non-NCLT and are net worth positive in affordable and middle income category".

3.35 PM: Steps to boost housing sector

  • Affordable housing
  • Repo rate linked loans
  • Support to NBFCs/HFCs
  • Govt to set up an organisation to provide credit enhancement for infrastructure and housing projects
  • 1.95 crore houses under Pradhan mantri Awas Yojana.

3.33 PM: Government moves to enable handicrafts industry to effectively harness e-commerce for exports.

3.32 PM: Mega shopping festival will be held across the country in four destinations, by March 2020: FM

3.27 PM:The government to set up the FTA Utilisation Mission to work with FIEO and export houses to utilise concessional tariffs in each FTA.

3.24 PM: The govt is working to reduce 'time to export' by leveraging technology further; action plan to reduce turn around time at airports and ports bench marked to international standards to be implemented by Dec 2019 and inter-ministerial group to monitor this:

3.17 PM: The FM says Export Credit Guarantee Corp will expand scope of ECIS and offer higher insurance cover to banks lending working capital for exports in a move that will cost Rs 1,700 crore per annum to the government.

3.15 PM: The Finance Minister says: "The scheme of Remission of Duties or Taxes on Export Products (RoDTEP) is a new scheme, it shall completely replace all Merchandise Exports from India Scheme (MEIS) from January 1, 2020."

3.15 PM:The Finance Minister says she will meet the chiefs of public sector banks on September 19.

3.12 PM: Nirmala Sitharaman announces measures to boost exports; extends reimbursement of taxes, and duties.

3.06 PM: Follow-up on export promotion measures taken in the past few days.

3.04 PM: Here is brief on follow up on Faceless Assessment and Document Identification Number presented by the Union Minister.

3.02 PM: Here is a follow-up on the previous announcements by the FM.

2.55 PM: The inflation is under control and there is a clear sign of revival of Industrial production: FM

2.51 PM: The Finance Minister starts her press conference on important decisions of the government.

2.40 PM: Likely key announcements

  • Measures to reinvigorate the real estate sector
  • To boost exports

2.30 PM: The Ministry of Finance earlier confirmed the FM would address the media on Saturday.

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