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

Auto Refresh Feeds

LIVE NEWS and UPDATES

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

  • 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). 

  • 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.

  • 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. 

  • 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.  

  • 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. 

  • 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. 

  • 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.

  • 16:09 (IST)

    Finance Minister Nirmala Sitharaman concludes press conference

  • 16:05 (IST)

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

  • 16:02 (IST)

    Annual and fixed interest rates show revival: FM

  • 16:00 (IST)

    Interest rate on housing advance will be lowered: FM
     

    Nirmala Sitharaman also said the interest rate on housing building advance will be lowered and linked to the 10-year G-sec yields.

    "Government servants contribute to a major component of demand for houses. This will encourage more government servants to buy new houses," she said.

    External commercial borrowing (ECB) guidelines will also be relaxed to help housing developers obtain overseas funds, she said. "ECB guidelines will be relaxed to facilitate financing of homebuyers who are eligible under Pradhan Mantri Awas Yojna, in consultation with the central bank," the finance minister said.

  • 15:57 (IST)

    Govt announces steps to boost housing, facilitate homebuyers

    The government on Saturday announced a Rs 10,000 crore special window to provide last-mile funding for the completion of ongoing housing projects which are not NPAs or facing bankruptcy proceedings under NCLT.

    Announcing the measure, Finance Minister Nirmala Sitharaman said the government will contribute Rs 10,000 crore for the special window and roughly the same amount is expected from outside investors. "This window will help in completion of affordable and middle income housing projects. The fund will be managed by professionals," the fiance minister added.

  • 15:55 (IST)

  • 15:54 (IST)

    FDI inflows robust, says FM

  • 15:46 (IST)

    Special window for last-mile funding for housing projects, says FM

    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 Finance Minister Nirmala Sitharaman

    "This will be set up with a fund size of Rs 10,000 crore funded by the government. This window will be run by complete professional drawn from marketplace and domain specialists like banking or housing finance specialists," she said.

    "They will identify such projects that are affordable and middle-income projects that are of low funding and nearing completion so that people invested in houses and waiting for possession do not have to wait longer," the finance minister said.

  • 15:41 (IST)

    Sitharaman announces FTA Utilisation Mission 

    Nirmala Sitharaman announced a Free Trade Agreement (FTA) Utilisation Mission would be set to help exporters optimally utilise the concessional tariffs under trade pacts which India has signed with several countries.

    "Besides, annual mega shopping festivals will be organised in the country at four places focusing on sectors like handicraft, yoga, tourism, textiles and leather," she said.

  • 15:39 (IST)

    Export finance will be actively monitored: Sitharaman

    Export finance will be actively monitored by an inter-ministerial working group in the Department of Commerce, said the finance minister.

    Also, Export Credit Guarantee Corporation (ECGC) will expand the scope of export credit insurance scheme, she added.

  • 15:38 (IST)

    FM announces revised priority sector lending scheme for exporters 

    Finance Minister Nirmala Sitharaman announced revised priority sector lending (PSL) norms for exporters which will release an additional funding of Rs 36,000 crore to Rs 68,000 crore to them.

    PSL norms for export credit have been examined and enabling guidelines are under consideration of the Reserve Bank of India, she said.

    "This will release an additional Rs 36,000 crore to Rs 68,000 crore as export credit under priority sector," Sitharaman told reporters. 

  • 15:37 (IST)

    ECB norms will be relaxed for affordable housing under PMAY: Sitharaman

  • 15:34 (IST)

    Steps taken so far for affordable housing

  • 15:33 (IST)

    Govt to enable handicrafts industry to harness e-commerce: FM

  • 15:32 (IST)

    FM announces increased credit flow to NBFCs 

    The minister further said the steps announced to increase credit flow to NBFCs, including the partial credit guarantee scheme, has started showing results.  "Several NBFCs have benefited," the minister said.

    Sitharaman also informed that she will be meeting heads of public sector banks on 19 September, a day before the GST Council meeting in Goa, to access the credit flow scenario to the economy.

  • 15:31 (IST)

    Inflation under control, clear signs of revival in factory output: FM

    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.

  • 15:27 (IST)

    FM announces mega shopping festivals by March 2020

  • 15:26 (IST)

    Govt working to reduce 'Time to export'

    The government is working to reduce 'Time to export' by leveraging technology further, she said. 

    "Action Plan to reduce turn around time at airports and ports benchmarked to international standards to be implemented by December 2019 and an inter-ministerial group will monitor this," she said.

  • 15:25 (IST)

    'RoDTEP to replace existing merchandise export from India'
     

    Sitharaman introduces RoDTEP - Remission Of Duties for Export Products — to replace the existing Merchandise Export From India (MEIS).

    Revenue foregone as a result of RoDTEP implementation would be Rs 50,000 cr,  she said
     

  • 15:23 (IST)

    EGC to expand scope of export credit insurance scheme: Sitharaman

    Export Credit Guarantee Corp (EGC) will expand scope of export credit insurance scheme and the incentive will cost Rs 1,700 crore per annum, said Sitharaman.

    "Towards this, Rs 36,000 crore to Rs 68,000 crore of credit will be available for exports after priority sector lending tag," she said.

  • 15:21 (IST)

    Will offer higher insurance cover to banks: FM

  • 15:17 (IST)

    Automated GST input tax credit refund for exporters: FM

    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. 

  • 15:15 (IST)

    FM to meet PSB head before GST meet

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

  • 15:14 (IST)

    MEIS to discontinue, says Sitharaman

     

    The finance minister also said that all Merchandise Export from India Scheme (MEIS) to discontinue after 31 December, 2019.

  • 15:13 (IST)

    Government's focus is on exports promotion: Sitharaman

  • 15:10 (IST)

    Sitharaman announces measures to boost exports

  • 15:07 (IST)

    Interest Equalisation Scheme raised to 5 percent: FM 

  • 15:06 (IST)

    FDI inflows are better, says FM

    Between 2018-19 and now, there are signs of revival, said the finance minister. "We have one of the best level of reserve being maintained now," she said.

  • 14:58 (IST)

    Q 1 indicates upward growth: Sitharaman

     

    Annual fixed interest rates is going upwards. The first quarter of 2019-20 shows clear positive upward growth.

  • 14:57 (IST)

    Revival signs are very consistent: FM

    One of the strong indicator of the economy is how inflation is held. Moving over to industrial production, there are signs of revival in the first quarter of 2019-20 and up to July-end, she said. 

    Revival signs are very, very consistent, she added.

  • 14:55 (IST)

    Announcing some measures formed after nationwide consultations, says FM

     

    "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.

  • 14:53 (IST)

    FM addresses the media

    "I want to start with a brief picture of macroeconomic fundamentals and also say if there is any sign of revival in some sectors," said Sitharaman.

  • 14:50 (IST)

    FM addresses media

    Finance Minister Nirmala Sitharaman arrives to address the press conference.

  • 14:44 (IST)

    FM may announce setting up of Credit Guarantee Enhancement Corporation

     

    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. 

  • 14:41 (IST)

    FM likely to be joined by finance ministry secretaries 

     

    According to CNBC-TV18, Finance Minister Nirmala Sitharaman will be joined by all finance ministry secretaries. Some commerce ministry officials also likely to be present on the occasion.

  • 14:36 (IST)

    Govt announced a slew of measures to boost economy

    In recent weeks, the government has announced a slew of economic measures including the mega bank mergers, withdrawal of higher surcharge on foreign portfolio investments (FPIs) and domestic investors, sops for infrastructure, revival package for the auto industry and relief for startup.

  • 14:35 (IST)

    Economic growth hit a 6-year low

    The economic growth hit a six-year low of 5 percent 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 told news agency PTI.

  • 14:33 (IST)

    Broad-based relief measures for other sectors not ruled out

  • 14:32 (IST)

    Sitharaman's press conference to start soon

    Finance Minister Nirmala Sitharaman's press conference will start soon. 

  • 14:15 (IST)

    Press conference to be held in Delhi's National Media Centre

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

  • 14:13 (IST)

    Finance Minister expected to announce key economic measures

     

    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 Saturday (14 September) during a press conference.

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

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .

Updated Date: Sep 14, 2019 17:48:39 IST