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Rs 10,000 Cr To Boost Housing Sector, FTA Mission For Export: Key Takeaways Of Sitharaman's Presser

New Delhi , News Nation Bureau | Updated : 14 September 2019, 06:49 PM
Finance Minister Nirmala Sitharaman during a press conference in New Delhi on September 14, 2019. (Photo: ANI)
Finance Minister Nirmala Sitharaman during a press conference in New Delhi on September 14, 2019. (Photo: ANI)

Finance Minister Nirmala Sitharaman on Saturday announced another tranche of stimulus measures to boost the affordable housing and export sectors. Addressing a press conference in New Delhi, Sitharaman said that the government has decided to provide a special window of Rs. 10,000 crore to complete the affordable housing projects.

"A special window to provide last mile funding for housing projects which are non-NPA and non-NCLT projects and are net worth positive in affordable and middle income category will be set up by the government. For this, Rs 10,000 crore will to be contributed by the Government of India (GoI) and almost the same ammount from outside investors," the office of Nirmala Sitharaman said.

Besides the special window, Sitharaman said that the External Commercial Borrowings (ECB) guidelines to facilitate financing of home buyers, who are eligible under the Pradhan Mantri Awas Yojana, will also be relaxed. The finance minister also annoucned a slue of measures to boost the export sector as well. 

Below are the key takeaways of Finance Minister Nirmala Sitharaman's press conference:

  • Setting up of special window to provide last mile funding for housing projects with are non-NPA and non-NCLT projects and are net worth positive in affordable and middle income category.
  • Rs 10,000 crore will to be contributed by the Government of India (GoI) for this special window and roughly the same amount from outside investors.
  • Relaxation of External Commercial Borrowings (ECB) guidelines to facilitate financing of home buyers who are eligible under the Pradhan Mantri Awas Yojana (PMAY).
  • In order to boost the export sector, Handicrafts industry will be anabled to effectively harness e-commerce portals for seamless exports.
  • Time Bound adoption by industry of all necessary mandatory technical standards and their effective enfrocement to elevate the quality and performance ecosystem and address the issue of sub-standard imports.
  • Affordable testing and certification infrastructure will be adequately expanded and developed in PPP mode to enable exporters to get all internationally accepted tests and certification done within India.
  • India to organise a mega shopping festival at four locations across the country to boost the exporters.
  • The Finance Minister said that she will meet heads of public sector units on September 19 to discuss the sitaution.
  • Special FTA Utilisation Mission to be set up. Online ‘Origin Management System’ for exporters will be launched.
First Published: Saturday, September 14, 2019 06:11 PM
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