India's inflation is under control and there is a clear sign of revival of Industrial production, noted the Union Minister N Sitharaman today as she announced a plethora of sops to boost economic growth. Annual and Quarter wise fixed investment rates show revival, she noted. Foreign Direct Investment (FDI) inflows are robust as of now and there is a sign of revival. Government announced new measures to boost housing and facilitate home buyers. External Commercial Borrowing guidelines to be relaxed and the government is encouraging Govt Servants to buy houses. 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. This will be set up with a fund size of Rs 10,000 crore funded by the government. The window will be run by complete professional drawn from marketplace and domain specialists like banking or housing finance specialists.
For enhancing exports, the Government announces setting up of FTA Utilisation Mission headed by a senior officer in Dept of Commerce, to work with FIEO and export houses to utilise concessional tariffs in each FTA. 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 crores per annum to the government. There shall be time bound adoption by Industry of all necessary mandatory technical standards Effective enforcement will elevate quality and performance, enhance competitiveness and address issue of sub-standard imports.
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