What are the Measures to revive Economic Growth? Talks FM Nirmala Sitharaman
Do You Know about this Recent Initiative of Government to Fix the Economic Slowdown?
Finance Minister Nirmala Sitharaman recently announced to reevaluate the economy related to exports and home purchasers. She mentioned six steps to boost exports in annual shopping festival like Dubai from the next year and a new auto refund system for exports from next month.
The government has stressed a fund of Rs. 20,000 cr. for new home buyers and to complete existing projects. The following fund will not cover the projects which are already affected by NPA and NCLT issues. People who are purchasing homes in the NCR region are most affected by the defaulting of Jaypee Infratech, Amrapali, and Unitech in housing projects.
Key points and focuses to improve economy.
- Funding Rs. 20,000 cr. In real estate- There will be a special window for middle income and economical housing to revive obstructed projects.
- The government, as well as outside investors, will contribute Rs. 10,000cr.
- Their main focus will be on unfinished projects and there will be a special window for last-mile funding for housing projects only for those which are not affected by NCLT and NPA.
- Interest rates on building houses will be less to encourage government employees to buy new homes.
- For better and affordable housing, the guidelines of real estate external commercial will be relaxed.
- Investment in stress funds for the industry will be done by LIC and NIIF.
- Annual mega shopping festivals like Dubai will be organized at different places around India by March of next year.
- Leather, Textile, Yoga, and Tourism will be the major themes for shopping festivals.
- Revised scheme for exporters- Cancellation of taxes or export duties.
- After December, MEIS (Merchandise Exports from India Scheme) will not continue.
- Old schemes in textile of Merchandise Exports from India Scheme(MEIS) and ROSL will work till December 31, 2019
- There will be a fully automated refund for the input tax credit for GST and it will be applied by the end of September 2019
- Finances of exports to be measured actively.
- An internal ministerial group will examine and monitor dashboard of credit movement of exporters.
- New technology will be purchased for timely completion of the current processes and to reduce export time.
- GOI is about to launch FTAUM (Free trade agreement utilization mission)
Statements regarding this matter.
People who are in power are making “weird” statements, these will not change the condition of the economy but it will hamper the image of the government.
Abhishek Manu Singhvi lashed out
BJP is blaming everyone even the voters except how they handle the economy. He also quoted, Followers of Modi, has crossed 50 million, Economy will cross $5 trillion, but how? Youth are unemployed, are you going to blame the opposition for this or OLA and Uber?
So Finance Minister is saying that sales of busses and trucks are declining because millennials are not purchasing it as they were doing it before.