INSUBCONTINENT EXCLUSIVE:
Key measures for exports also include extending scheme of reimbursement of taxes and duties.The latest measures announced by the Finance
Minister in the field of real estate and exports would help provide stimulus to the slowing economy, industry FICCI President Sandip Somany
said on Sunday.The industry body welcomed the government's move a day after Finance Minister Nirmala Sitharaman announced steps to help the
nearly stalled real estate sector and increase India's exports
Ms Sitharaman on Saturday announced a fresh set of measures worth around Rs 60,000 crore to boost exports and the housing sector."These new
measures will provide much-needed stimulus to boost the Indian economy that is now facing the slowdown," Mr Somany said.In a statement, Mr
Somany also said that the relaxation of external commercial borrowing (ECB) guidelines for affordable housing and reduction in interest on
'Housing Building Allowance' in line with the 10-year Government-Securities yield is a major step towards achieving the target of the
'Pradhan Mantri Awas Yojana' (PMAY)."Provision of Rs 10,000 crore to provide last-mile funding for completion of the ongoing housing
projects (which are not NPAs or facing bankruptcy proceedings under NCLT) is certainly a major push to resolve the problem of stalled
projects in the country," he said.Ms Sitharaman on Saturday announced that there would be a special window for affordable and middle-income
housing to provide last-mile funding for housing projects which are not under the insolvency process in the National Company Law Tribunal
would be contributed by the government and "roughly the same size by outside investors", the minister announced.The key measures for exports
include extending the scheme of reimbursement of taxes and duties for export promotion, fully automated electronic refund for input tax
credits (ITC) in GST, revised priority sector lending norms for exports and expanding the scope of Export Credit Insurance Scheme (ECIS).Mr
Somany also expressed confidence that the initiatives of export-related incentives, finance, credit and facilitation will help in achieving
Product (RoDTEP) that will be effective from January 1, 2020, will go a long way in addressing the problem of non-compliance of our export
promotion scheme," the FICCI President said."Fully automated electronic refund module for Input Tax Credits (ITC) in GST will speed up the
ITC refund and ease the problem of working capital for exporters
Expanding the scope of Export Credit Insurance Scheme, moderation in premium incidence for MSME, and revised Priority Sector Lending (PSL)
norms for export credit are also encouraging features of the new package," he said.Additional funding of Rs 36,000 crore to Rs 68,000 crore
praised the idea of annual mega shopping festivals for promoting exports of gems and jewellery, handicrafts, textiles, leather, yoga and
certification facilities under PPP (Public Private Partnership) mode will equip our engineering goods exporters to align with the globally
accepted tests and certification processes," he added.He also welcomed the measures related to Free Trade Agreements (FTAs), in particular
because so far Indian exporters have not utilised the existing FTAs in a major way," he said.Get Breaking news, live coverage, and Latest
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