FM Nirmala Sitharaman press conference HIGHLIGHTS: Housing, export relief to beat economic slowdown

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Updated:Sep 14, 2019 5:22:27 pm

Finance Minister Nirmala Sitharaman Press Conference highlights: Finance Minister Nirmala Sitharaman today announced more relief measures in the government's continuing efforts to arrest the slowdown that has gripped India's economic growth. Among major areas that got economic boost today are exports and housing.

Nirmala Sitharaman Press Conference Live, Press Conference by FM Nirmala SitharamanNirmala Sitharaman press conference

Finance Minister Nirmala Sitharaman Press Conference HIGHLIGHTS: Finance Minister Nirmala Sitharaman today announced more relief measures in the government’s continuing efforts to arrest the slowdown that has gripped India’s economic growth. Among major areas that got economic boost today are exports and housing. The measures for exports, announced in six parts, are expected to provide a boost to small and medium exporters, by making more liquidity and market opportunities available to them. (Read Full Story: Finance Minister Nirmala Sitharaman’s relief measures for exporters; all you need to know) On the other hand, the real estate and housing sector has also got the Finance Minister’s attention, with a special last mile funding window for unfinished housing units. Earlier, last month, Nirmala Sitharaman announced a slew of measures in two highly-watched press conferences. (Also Read: Nirmala Sitharaman to announce more relief measures today; boosting realty, other sectors on cards) Big mergers of PSU banks, recapitalisation of PSU banks, recommendation of interest rate cuts, withdrawal of tax surcharge on FPIs (foreign portfolio investors) and relaxing FDI norms on contract manufacturing and single-brand retail sector, are among a few important decisions that the government has taken to pump liquidity and to boost domestic demand. In her last press conference, Nirmala Sitharaman had said that the government is fully aware of the ongoing slowdown and is taking measures to revive economic growth.

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Highlights

    17:17 (IST)14 Sep 2019
    Dubai like shopping festival will help in fostering relations

    Announcing Dubai-like mega shopping festival in India, the finance minister said that it will provide a greater push for people to make contacts and connections.

    17:14 (IST)14 Sep 2019
    Govt working to reduce time to export

    Action plan to reduce turn around time at airports and ports benchmarked to international standards to be implemented by Dec 2019 & Inter-Ministerial group will monitor this, the finance minister said. 

    17:09 (IST)14 Sep 2019
    MEIS scheme to cease from December 31

    End of all Merchandise Exports from India Scheme (MEIS) post Dec 31, finance minister said. The same will be replaced by RoDTEP - Remission Of Duties for Export Products.

    17:00 (IST)14 Sep 2019
    India Inc welcomes FM's move to boost housing and exports

    "I welcome the speedy response of the finance minister to boost housing and exports. The measures announced today are very encouraging. Govt is listening and responding," Venu Srinivasan, TVS Motor chairman told CNBC TV-18.  

    16:52 (IST)14 Sep 2019
    Seven NBFCs benefitted by Partial Credit Guarantee scheme: Fin Min

    Transmission of rate cut is being effected by the banks. Partial Credit Guarantee Scheme has benefitted seven NBFCs so far. 

    16:45 (IST)14 Sep 2019
    NPAs could take sheen out of FinMin's housing booster package: Keki Mistry

    If technical definition  of NPAs is used, then it will limit the number of projects that will benefit from the special last mile funding window, says HDFC CEO Keki Mistry. Clarity is needed on what Finance Minister Nirmala Sitharaman said about the projects not applying to NPA, he says.

    16:39 (IST)14 Sep 2019
    HDFC's Keki Mistry Cautiously Positive on Relief Measures for Housing

    Government's Rs 10,000 crore contribution, and additional investments from outside investors, will be sufficient to help large number of stuck projects, says Keki Mistry, Vice Chairman and CEO, HDFC Ltd. The special window will be a huge help for the real estate sector, he says.

    16:38 (IST)14 Sep 2019
    Dubai-like mega shopping festivals in India next year: Nirmala Sitharaman’s move to boost exports

    In order to boost exports, Finance Minister Nirmala Sitharaman has announced Dubai-like mega shopping festivals in India, starting March 2020. The government is expected to hold these festivals in four Indian cities. (Read Full Story)

    16:34 (IST)14 Sep 2019
    New incentive scheme for exports to provide much-needed impetus

    “New remission based export incentive scheme for export of goods should provide much needed impetus to Indian exporters considering the current economic slowdown as well as the ongoing global WTO discussions challenging India's export incentive schemes. This coupled with real time electronic processing of GST refunds should stimulate working capital for exporters which should help them further in their business requirements.” -- Krishan Arora, Partner, Grant Thornton India LLP

    16:32 (IST)14 Sep 2019
    Tax expert weighs in: Positive move, right direction for exporters

    “The measures announced to boost exports like remission of duties, higher insurance coverage, technology enablement to cut down time at ports and additional support to the housing sector should help provide impetus to these two sectors and also have a spiral effect on the associated sectors like technology, logistics, labour employment etc. Overall positive move in the right direction, part of the series of the steps that government is taking to address the concerns and boost economic growth.” -- Vikas Vasal, Partner & National Leader – Tax, Grant Thornton India LLP

    16:23 (IST)14 Sep 2019
    Export relief measures get initial thumbs up

    “The finance minister's announcement that an additional Rs 36,000 crore to Rs 68,000 crore will be made available as export credit under the priority sector is definitely good news. The government's plans to boost exports by leveraging technology is also a good step. We would have liked to see some attention given to upskilling workers in export oriented MSMEs. On the whole, the finance minister's announcement today seems to show that the government is serious about trying to fix the economy by focussing on exports.” -- Pushkar Mukewar, Co-Founder & Co-CEO, Drip Capital

    16:07 (IST)14 Sep 2019
    Finance Minister optimistic about GDP growth

    GDP growth will improve in the next quarter, don't want to put a number to it, says Finance Minister Nirmala Sitharaman.

    16:00 (IST)14 Sep 2019
    Who will fund last mile housing finance window?

    The Govt of India, on the lines of NIIF, can contribute to the funds, while the rest of the investors would be LIC and other institutions, apart from banks, sovereign funds, domestic financial institutions, says Finance Minister Nirmala Sitharaman.

    15:55 (IST)14 Sep 2019
    Special funding window for last mile funding of unfinished housing

    Nirmala Sitharaman announces 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. Rs 10,000 crore will come from the government, and an equal amount from other investors.

    15:52 (IST)14 Sep 2019
    Roadmap for enforcing housing measures soon

    Working group on standards to be set up to lay roadmap for adoption of standards timeline and enforcement, says Finance Minister Nirmala Sitharaman as she shifts focus to homebuyers and construction.

    15:51 (IST)14 Sep 2019
    Housing concern pan-India: Fin Min

    Housing issues not confined to just NCR, we have to address the pan-India concerns, the finance minister said.

    15:48 (IST)14 Sep 2019
    Govt announces measures to boost housing sector

    Housing projects which are 60% complete will get last-mile funding through the special window. 

    15:45 (IST)14 Sep 2019
    New measures to boost housing, real estate sectors

    Finance Minister Nirmala Sitharaman announces new measures to boost housing and real estate. First is, the relaxation of ECB guidelines for affordable housing; secondly, a special Rs 10,000 crore fund for last mile funding for housing projects that are non-NPA and non-NCLT.

    15:42 (IST)14 Sep 2019
    Govt to contribute Rs 10,000 crore fund towards non-NPA housing projects

    In order to boost the housing sector, the government has announced to contribute Rs 10,000 crore funds.

    15:42 (IST)14 Sep 2019
    Affordable, Middle Income housing on govt's radar

    Special window to focus on construction of unfinished units, affordable and middle income housing, says Finance Minister Nirmala Sitharaman as she shifts focus to homebuyers and construction.

    15:40 (IST)14 Sep 2019
    Want unfinished units finished quick: Nirmala Sitharaman

    The objective is to focus on construction of unfinished units and bring them to a logical end, says Finance Minister Nirmala Sitharaman as she shifts focus to housing, real estate and construction sectors.

    15:39 (IST)14 Sep 2019
    Lower rates on house building: Fin Min

    FM announces lowering rates for house building, rate to be linked to 1-yr G-sec yield & a window for providing credit to non-NPA/NCLT mid-income housing projects

    15:37 (IST)14 Sep 2019
    Measures to boost housing sector

    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.

    15:34 (IST)14 Sep 2019
    ECB guidelines to be relaxed

    In a major boost to stuck housing projects, FM announces a special window for middle-income housing is being created for last-mile funding projects.

    15:33 (IST)14 Sep 2019
    Govt ramps up affordable housing scheme

    Government announces new measures to boost housing and facilitate home buyers External Commercial Borrowing guidelines to be relaxed Encouraging Govt Servants to buy houses, Union Minister announces. 

    15:33 (IST)14 Sep 2019
    Relief measures cost Rs 50,000 crore: Nirmala Sitharaman

    Revenue foregone from the economic relief measures announced by the government is now projected at up to Rs 50,000 crore, announces Finance Minister Nirmala Sitharaman.

    15:32 (IST)14 Sep 2019
    E-commerce for handicraft industry

    Boost for local handicraft artisans & handicraft co-operatives as finance ministry to enable a special dispensation for facilitating on-boarding on e-commerce portals.

    15:28 (IST)14 Sep 2019
    Govt to provide a fillip to handicrafts industry

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

    15:28 (IST)14 Sep 2019
    Commerce ministry to set standards for imports

    Working group in Commerce Ministry will be set up to set standards for imports, FM said. 

    15:28 (IST)14 Sep 2019
    Finance Minister now announcing relief measures for housing sector

    After announcing major relief measures for the export sector, in six parts, Finance Minister Nirmala Sitharaman now turns attention to the housing sector.

    15:26 (IST)14 Sep 2019
    Mega Shopping Festivals to Boost Exports

    Mega shopping festivals will be held in India to attract people from all over the globe in a bid to push Indian business, exports and tourism, says Finance Minister Nirmala Sitharaman on exports and tourism.

    15:26 (IST)14 Sep 2019
    Govt is focused on boosting exports

    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: Union Minister

    15:25 (IST)14 Sep 2019
    Finance minister to meet heads of public sector lenders

    Transmission of interest rate cuts is being effected by banks, the finance minister said, adding she will meet heads of public sector lenders on September 19 to review the transmission.

    15:22 (IST)14 Sep 2019
    Govt to set up FTA Utilisation Mission for MSMEs

    On Free Trade Agreements 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.

    15:21 (IST)14 Sep 2019
    Annual mega shopping festivals by March 2020

    FM cites shopping festivals like the ones held at places such as Dubai, says move will boost textiles, leather industry & promote yoga tourism.

    15:19 (IST)14 Sep 2019
    Dubai-like mega shopping festivals in India soon

    India shall have mega shopping festivals, just like that in Dubai. The themes can vary such as Gems & Jewellery, Handicraft, Yoga, Tourism, Handicraft, and more, says Finance Minister Nirmala Sitharaman.

    15:17 (IST)14 Sep 2019
    MEIS, ROSL validity for textiles

    Existing dispensation in textiles of MEIS and old ROSL valid up to Dec 31, 2019, says Finance Minister Nirmala Sitharaman on export taxes.

    15:16 (IST)14 Sep 2019
    RoDTEP to replace existing Merchandise Export From India

    FM introduces RoDTEP - Remission Of Duties for Export Products; RoDTEP to replace the existing Merchandise Export From India (MEIS). Revenue foregone as a result of RoDTEP implementation would be Rs 50,000 cr, Finance Minister said. 

     
    15:15 (IST)14 Sep 2019
    Export Credit Guarantee Corporation will expand scope: Fin Min

    ECGC will expand scope of ECIS and will offer higher insurance cover, the finance minister said. The move which will cost Rs 1700 crores per annum to the government: Union Minister

    15:15 (IST)14 Sep 2019
    Inflation under control; signs of revival in the economy

    Finance Minister Nirmala Sitharaman: Inflation is under control and there is a clear sign of revival of industrial production.