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Nirmala Sitharaman press conference LIVE updates: GDP growth to improve in next quarter, won't put a number to it, says FM

Nirmala Sitharaman press conference LATEST updates: A special window will provide the last-mile funding requirement for housing projects that are non-NPA and non-NCLT projects and are stuck due to lack of funding, said Sitharaman.

FP Staff September 14, 2019 16:05:09 IST
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Nirmala Sitharaman press conference LIVE updates: GDP growth to improve in next quarter, won't put a number to it, says FM

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LIVE NEWS and UPDATES

Sept 14, 2019 - 17:48 (IST)

'ECB reforms will stimulate homebuyers' enthusiasm'

The announcement of Finance Minister Nirmala Sitharaman comes as a big relief to the beleaguered housing sector and the homebuyers, said Abhilash Pillai, partner, Cyril Amarchand Mangaldas. 

“Further relaxation of external commercial borrowings (ECB) norms will certainly stimulate the enthusiasm of the homebuyers and the affordable housing sector as a whole," he said.

Sept 14, 2019 - 17:38 (IST)

'Announcement a 'going for growth' initiative'

After two consecutive announcements to revive the economic slowdown, there is a movement for the real estate sector, with the ‘going for growth’ initiative, said Manju Yagnik, vice chairperson, Nahar Group and vice president NAREDCO (Maharashtra). 

Sept 14, 2019 - 17:26 (IST)

'FM's announcement a big relief to ailing real estate sector'

The finance minister's announcement was eagerly sought by the real estate industry as one of the measures to provide relief to the ailing real estate sector worst affected due to the NBFC crisis, said Parth Mehta, MD, Paradigm Realty. 

“As the government is trying to empathise with developers facing stress in the sector, we expect further reforms covering the entire spectrum of housing and construction industry apart from affordable and mid-income segment to be announced in future to revive the sector,” he said.

Sept 14, 2019 - 17:15 (IST)

Creation of RODTEP will remove ambiguity: CAIT

The introduction of Remission of Duties or Taxes on Export Product (RODTEP) will remove the ambiguity of the exporters about MIAS scheme, said Confederation of All India Traders (CAIT) national president BC Bhartia and secretary general Praveen Khandelwal. 

It guarantees the benefits of exports which is much-needed to remain in the competitive market, they said. 

Sept 14, 2019 - 17:12 (IST)

'Healthy projects won't be pushed into bad debt'

The attempt to providing for stressed assets with a special window for non–NCLT and non-NPA assets to the tune of Rs 10,000 crore is important to ensure that at least healthy projects are not pushed into bad debt-like situation, said Shishir Baijal, CMD, Knight Frank India, an international property consultant.  

Sept 14, 2019 - 17:05 (IST)

'Export credit under priority sector good news'

Pushkar Mukewar, co-founder and co-CEO of Drip Capital, a US and India-based trade finance firm, said 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,” he said. 

Sept 14, 2019 - 17:01 (IST)

'Special fund a big boost to housing sector'

Anuj Puri, chairman of Anarock Property Consultants, has hailed the government’s announcement to create a special window to provide last-mile funding needs for stalled housing projects. 

“This is a major boost to the housing sector (affordable and mid-segment) and a perfect festive treat for lakhs of homebuyers who have been anxiously waiting for their possession,” he said. 

Sept 14, 2019 - 16:21 (IST)

Piyush Goyal hails Nirmala Sitharaman's steps to boost exports

 

Union Minister Piyush Goyal lauded the announcements made by Finance Minister Nirmala Sitharman on for announcements to boost exports.

"These will help make Indian exports competitive and especially benefit MSME exporters with a new scheme for reimbursing taxes, reduced insurance cost & ease of doing business," said Goyal.

Sept 14, 2019 - 16:09 (IST)

Finance Minister Nirmala Sitharaman concludes press conference

Sept 14, 2019 - 16:05 (IST)

GDP growth to improve in next quarter, won't put a number to it: FM

Nirmala Sitharaman press conference LATEST updates: A special window will provide the last-mile funding requirement for housing projects that are non-NPA and non-NCLT projects and are stuck due to lack of funding, said Sitharaman. This will be set up with a fund size of Rs 10,000 crore funded by the government, she added.

This window will be run by complete professional drawn from marketplace and domain specialists like banking or housing finance specialists, said the finance minister adding they will identify such projects that are affordable and middle-income projects that are low of funding and nearing completion.

"So that people invested in houses and waiting for possession do not have to wait longer. Wherever housing projects are stuck can now seek relief so as they are not an NPA and not in NCLT," she said.

Finance Minister Nirmala Sitharaman on Saturday said inflation is under control and there is a clear sign of revival of industrial production.

Addressing the third press conference to announce measures to boost economy, the minister said inflation has been kept "very much" below 4 percent. The government has mandated the Reserve Bank of India to keep the retail inflation in the band of 2-6 percent.

The latest inflation print based on Consumer Price Index was 3.21 percent in August. Sitharaman further said that inspite of all worries on industrial production front in the fourth quarter of 2018-19, "We see clear signs" of improvement up to July 2019.

Fully automated GST input tax credit refund system will be ready by the end of this month, said Sitharaman.

Small and medium exporters will get their input tax credit refunds quick, and will not have their working capital stuck in pending dues, she added.

Today's flow will be on macroeconomic fundamentals, looking at revival signs in particular sectors, addressing two segments: of exports at large and of home-buyers; and getting tech into tax assessments, said Sitharaman.

The finance minister is expected to announce the setting up of a Credit Guarantee Enhancement Corporation in 2019-20 with Rs 10,000/15,000 crore.

The finance ministry believes that problems can be resolved only if banks view retail home loans as a safe product, reported CNBC TV-18.

Amid concerns about the economic slowdown in the country, Union Finance Minister Nirmala Sitharaman is expected to announce more measure and other important decision on 14 September during a press conference.

According to PIB's Twitter, she will address a press conference from 2:30 at the National Media Centre in New Delhi.

After Union Budget proposals announcement, Sitharaman held two press conferences : one on FPI withdrawals on and another on public sector bank mergers.

On 23 August, Sitharaman announced the government’s decision to scrap the increase in surcharge on the income tax outgo for both domestic as well as foreign investors that came into effect as part of the second full year budget of 2019.

Nirmala Sitharaman press conference LIVE updates GDP growth to improve in next quarter wont put a number to it says FM

File image of Nirmala Sitharaman. ANI

“In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (no. 2) Act, 2019 on long and short term capital gains arising from transfer of equity shares/units referred in section 111A and 112A respectively,"

After the announcement of the foreign direct investment, in a major reform measure, the Central government on 30 August amalgamated 10 public sector banks (PSBs) into four entities, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks. In place of fragmented lending capacity with 27 PSBs in 2017, now there will be only 12 state-run banks post-consolidation, Sitharaman said.

The finance minister also said banks will be provided adequate capital.

Her latest media interaction on 10 September in Chennai was on "Furthering Development—100 days of bold initiatives, decisive actions of the government".

Today, (14 September) Sitharaman is expected to make announcement focusing upon boosting the realty and export sectors, CNBC said, quoting sources. She is likely to announce sector-specific solutions as well as broad-based relief measures, it said.

A government official told Mint that Sitharaman is expected to announce sector-specific solutions and targets.

This announcement comes four days after the auto industry revealed the sales figures for August, announcing that domestic passenger vehicle sales skidded for the 10th consecutive month, registering a 31.57 percent decline.

Another major announcement is likely after the GST Council meet to be held on 20 September. The meeting, headed by Sitharaman and comprising representatives of all states and Union Territories (UTs), is scheduled to meet in Goa amidst a clamour for a cut in tax rates from various industries to beat the slowdown in the economy.

The economic growth hit a six-year low of 5 per cent for the first quarter of the current fiscal and the government has announced a slew of measures to reinvigorate the sagging growth. There have been demands pouring in from various sectors from biscuits to automobiles and FMCG to hotels to reduce tax rates in the wake of perceived economic slowdown, the official said.

With inputs from PTI

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