New Delhi: This week’s booster dose from Finance Minister Nirmala Sitharaman for the economy involves announcements for exports and homebuyers. Sitharaman has announced six measures to boost exports, including Dubai-like mega annual shopping festival from next year, new automatic refund system for exporters from next month and new RoDTEP scheme on export duties. This comes shortly after Sitharaman announced a slew of measures to revive and consolidate the banking sector.
For homebuyers, on the other hand, the government has set aside Rs 20,000 crores for the completion of stalled housing projects. However, the fund will not cover projects that are affected by NPA or are in NCLT’s court.
Here are the highlights:
- Stress fund of Rs 20,000 crores for real estate: Special window for affordable and middle income housing to revive stalled housing projects. Rs 10,000 will be contributed by the government and the same amount will come from investors, said Sitharaman.
- This special window will provide last-mile funding for housing projects which are non-NPA and non-NCLT projects. It will focus on unfinished projects.
- To encourage government servants to buy new houses, the interest rates on House Building Advance will be lowered and linked with 10-year G-sec yields.
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- Real estate external commercial borrowing guidelines to be relaxed for affordable housing.
- NIIF, LIC to invest in the stress fund for the industry.
- Dubai-like annual mega shopping festival to be organised at four places across India by March 2020.
- Themes for the shopping festival will be Yoga, Textile, Tourism and Leather.
- New scheme for exporters: Scheme for Remission of Duties or Taxes on Export products will replace MEIS. Revenue foregone projected at up to Rs 50,000 crore.
- Post December no MEIS will continue.
- Existing scheme in textile of MEIS and old ROSL will continue till December 31.
- Fully automated electronic refund for Input Tax Credit in GST: It will be implemented by the end of September.
- Export finance to be actively measured.
- Dashboard of credit movement of exports to be monitored by inter ministerial group.
- Reduce time to exports turn around: Tech to be further leveraged by timely completion of ongoing initiatives to further reduce time of exports.
- Govt to launch Free Trade Agreement utilisation mission.
- Expanding scope of export credit insurance scheme by ECGS.
- To launch origin management system to improve ease of doing business for exporters.
- Sees clear signs of revival in industrial production in July.
- E-assessment scheme of Income Tax returns notified on September 12. All communication will be faceless through technology.
- Government feels GDP growth will revive in the next quarter.