Mega shopping fests to funding: Sops to boost exports, housing announced
The Press Information Bureau last night tweeted that Sitharaman will "announce important decisions of the government" at the conference in Delhi
 "Nirmala Sitharaman")
Nirmala Sitharaman | Photo: ANI (Twitter)
Finance Minister Nirmala Sitharaman on Saturday announced revised priority sector lending (PSL) norms for exporters which will release an additional funding of Rs 36,000 crore to Rs 68,000 crore to them.
PSL norms for export credit have been examined and enabling guidelines are under consideration of the Reserve Bank of India, she said. "This will release an additional Rs 36,000 crore to Rs 68,000 crore as export credit under priority sector," Sitharaman told reporters here.
She also said export finance will be actively monitored by an inter-ministerial working group in the Department of Commerce. Also, Export Credit Guarantee Corporation (ECGC) will expand the scope of export credit insurance scheme.
The government also announced a Rs 10,000 crore special window to provide last-mile funding for completion of ongoing housing projects which are not NPAs or facing bankruptcy proceedings under NCLT.
Announcing the measure, Finance Minister Nirmala Sitharaman said the government will contribute Rs 10,000 crore for the special window and roughly the same amount is expected from outside investors.
This window will help in completion of affordable and middle income housing projects. The fund will be managed by professionals, the minister added.
Sitharaman also said the interest rate on housing building advance will be lowered and linked to the 10-year G-sec yields.
"Government servants contribute to a major component of demand for houses. This will encourage more government servants to buy new houses," she said.
External commercial borrowing (ECB) guidelines will also be relaxed to help housing developers obtain overseas funds.
ECB guidelines will be relaxed to facilitate financing of homebuyers who are eligible under Pradhan Mantri Awas Yojna, in consultation with the central bank.
3:37 PM
Special window to provide last mile funding for housing projects that are non-NPA and not under NCLT; govt to provide Rs 10,000 cr: Sitharaman
3:33 PM
All over the country wherever the projects are stuck, this window will be taken care of: Sitharaman
3:32 PM
Experts will be running this window for efficient running: Sitharaman
3:31 PM
A special window for affordable housing being created. These will be non NPA and non NCLT projects.: Sitharaman
3:30 PM
There will be relaxation in external commercial borrowing guidelines for affordable housing: Sitharaman
3:21 PM
Govt to cut turnaround time in ports, airports via use of technology: Sitharaman
3:19 PM
Export Credit Guarantee Corp (EGC) will expand scope of export credit insurance scheme; incentive to cost Rs 1,700 cr per annum: Sitharaman
3:19 PM
Rs 36,000 cr to Rs 68,000 cr of credit will be available for exports after priority sector lending tag: Sitharaman
3:18 PM
India shall hold an annual mega shopping festival by March 2020. Themes will vary from textile, handicraft, yoga, and others: Sitharaman
3:16 PM
Remission of duties or taxes on export products to replace MEIS, says FM Nirmala Sitharaman announcing sops for exports: Sitharaman
3:16 PM
Existing Merchandise Exports from India Scheme (MEIS) for textiles will continue up to December 31: Sitharaman
3:15 PM
Rs 50,000 cr revenue will be foregone with the introduction of remission of duties or taxes on export products: Sitharaman
3:15 PM
An inter-ministerial working group will be formed to monitor export finance: Sitharaman
3:12 PM
MSME will pay less premium against the guarantee: Sitharaman
3:11 PM
By September end, fully electronic refund mechanism will be in place for GST refunds: Sitharaman
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First Published: Sep 14 2019 | 1:55 PM IST
