Finance Minister Nirmala Sitharaman (File)
Union Finance Minister Nirmala Sitharaman is addressing media to announce mega plans for a sectoral growth. News Nation has learnt that the bonanza will cater to the needs to real estate sector. This is third such announcement by Sitharaman in less than 100 days. All four secretaries of the finance ministry along with junior minister Anurag Thakur are present at the press conference. Earlier, she faced flak over her ‘Ola, Uber’ remark over auto slump. She had said that the present day generation goes for such cab services instead of buying their own vehicles. This kind of behaviour is affecting the car sales in the country, she had said.
Here Live UPDATES from the crucial conference:
Special Rs 10,000 crore fund announced for incomplete housing projects.
Government announces new measures to boost housing and facilitate home buyers External Commercial Borrowing guidelines to be relaxed Encouraging Govt Servants to buy houses, says Sitharaman. She also announced the lowering of Interest rate on House Building Advance.
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, says 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, says Sitharaman.
India shall hold annual mega-shopping festival like Dubai. There will be a greater push, global thrust for people to come and see. This will build instant connection between the small and medium manufacturers and sellers, says Sitharaman.
Fully electronic refund module for Input Tax Credit under GST is nearing completion, Sitharaman.
Govt 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, says Sitharaman.
Turnaround time at ports for exports to be reduced, says Sitharaman.
Rs 36,000 crore to Rs 68,000 crore of credit will be available for exports after priority sector lending tag, announces Sitharaman.
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, says Sitharaman.
There will be total removal of human interface in tax assessment, Sitharaman.
To boost export, the govt has come up with a six-point plan. Remission of duties or taxes on export products will completely replace all MEIS from 1st Jan, 2020, says Sitharaman.
Existing dispensation in textile of MEIS old ROSL will continue up to December 31st, says Sitharaman.
The revival of fixed investment is clearly showing an upward growth. Reserves in August have gone up, says Sitharaman.
Sitharaman presents Faceless Assessment and Document Identification Number.
Sitharaman says smaller taxpayers with minor defaults not to be prosecuted.
We have one of the best levels of foreign exchange measures. There is improved credit outflow by banks, and the banks are transmitting interest rate cuts. I will be meeting the chiefs of public sector banks on September 19, says Sitharaman.
Sitharaman announces third tranche of stimulus measures for economy. Says measures being taken to improve credit outflow from banks.
Transmission of rate cut is being effected by the banks, says Sitharaman.
Inflation is under control and there is a clear sign of revival of industrial production, Sitharaman says.
Industrial production growth improved till July-end compared with last quarter of 2018-19, says Sitharaman.
Fixed investment rate has been inching higher on a YoY basis, says Sitharaman.
Revival signs showing in first quarter of FY19-20, says Sitharaman.