Special window for last-mile funding of affordable housing projects, says Sitharaman | Highlights

india

Updated: Sep 14, 2019 16:06 IST

Finance Minister Nirmala Sitharaman on Saturday announced a series of steps to boost exports to revive growth and uplift consumer sentiment. Sitharaman had announced the first set last month and promised to be back with another round of initiatives to address sector-specific solutions and targets.

Over the last few weeks, the Nirmala Sitharaman has sought to address concerns over infrastructure spending, improved access to credit for businesses, more capital for state-run banks, boosting the prospects of the auto sector; and improving credit flow.

Follow highlights here:

* On Sept 19, the finance minister will be meeting all PSB heads to assess how the credit flow system is holding up.

* The minister further said that Inflation is under control and there is a clear sign of revival of industrial production.

* There will be total removal of human interface in tax assessment, said Sitharaman.

* Small tax-payers with minor defaults will not be prosecuted, said the Finance Minister.

On exports

* To boost export, government has come up with a six-point plan. Remission of duties or taxes on export products, particularly in textile dispensation, will completely replace all MEIS from 1st Jan, 2020.

* Export Credit Guarantee Corp will expand scope of ECIS and offer higher insurance cover to banks lending working capital for exports in a move which will cost Rs 1700 crore per annum to the government, said Sitharaman.

* Data on export finance will be regularly published by RBI. Inter-ministerial group will be formed, which will be monitoring export finance on weekly basis, said Sitharaman.

* Annual mega shopping festivals will be held to boost small and medium scale enterprises.

* Rs 50,000 cr revenue will be foregone with introduction of remission of duties or taxes on export products, said the minister.

* Government moves to enable handicrafts industry to effectively harness e-commerce for exports; announces mass enrolment of artisans across India for handicraft promotion

On housing

* With a focus on construction of unfinished units, government announces 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.

* External Commercial Borrowing guidelines to be relaxed encouraging government servants to buy houses, said the FM.