Inflation under control, clear signs of revival in factory output: FM
Sitharaman 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 per cent. The government has mandated the Reserve Bank of India to keep the retail inflation in the band of 2-6 per cent. The latest inflation print based on Consumer Price Index was 3.21 per cent in August.
Govt announces revised priority sector lending scheme for exporters
Sitharamanannounced 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 said.
India announces measures to boost exports as economy loses steam
India will relax rules for lending to priority sectors, its finance minister said on Saturday, forecasting the move could lead to banks providing up to an extra $9.6 billion of export credit to help revive a slowing economy.
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 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. (PTI)
We will continue doing structural reforms: Sitharaman
For the Special Window for unfinished affordable housing units, fund of Rs 10,000 crore willbe contributed by Government of India (GoI) and roughly same amount from outside investors: Sitharaman
External Commercial Borrowing (ECB) guidelines will be relaxed to facilitate financing home buyers who are eligible under the Pradhan Mantri Awas Yojana (PMAY). This is an addition to the existing norms for ECB for affordable housing: Sitharaman
Annual and quarter Fixed Investment Rates show revival. FDI inflows are robust as of now and there is a sign of revival. Forex reserves have gone up particularly in August end: Sitharaman
Sitharaman announces relief for middle, affordable housing
A special window will provide the last mile funding to houses under affordable housing. This window will be run by experts, who will identify middle income and affordable housing and fund the project. The project will have a funding of Rs 10,000 crore. The window will cover all affordable projects that do not fall under NPA and NCLT: Sitharaman
There shall be time-bound adoption by Industry of all necessary mandatory technical standards. Effective enforcement will elevate quality and performance, enhance competitiveness and address issue of sub-standard imports: Sitharaman
RoDTEP to replace existing merchandise export from India
Sitharaman introduces Remission Of Duties for Export Products (RoDTEP) 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
Government announces setting up of FTA Utilisation Mission headed by a senior officer in Departmentof Commerceto work with FIEO and export houses to utilise concessional tariffs in each FTA.
Export Credit Guarantee Corp (EGC) will expand scope of export credit insurance scheme; incentive to cost Rs 1,700 cr per annum. About Rs 36,000 cr to Rs 68,000 cr of credit will be available for exports after priority sector lending tag: Sitharaman
India shall hold annual mega sale festival. It should happen by March 2020. This would help manufacturers connect with other traders: Sitharaman
The government will bring in measures to reduce actual turnaround time of exports at ports: Sitharaman
Rs 50,000 cr revenue will be foregone with the introduction of remission of duties or taxes on export products: Sitharaman
The data on export finance is regularly published by the RBI. An inter-ministerial group will look at it weekly and would make sure the congestion is freed: Sitharaman
MSMEs will pay less premium against the guarantee: Sitharaman
To boost exports, fully-electronic GST return will be in place by the end of this month: Sitharaman
Interest equalisation scheme (IES) had existed. IES rate was increased as well: Sitharaman
The existing dispensation in textiles (that is MEIS) will continue upto December 2019: Sitharaman
For tax default below Rs 25 lakh, prosecution can be launched directly: Sitharaman
A circular has been issued on September 9 that says smaller taxpayers will not be prosecuted: Sitharaman
On September 19, Sitharaman says she will be meeting the CEOs of public sector banks to know how the banking sector is performing.
The partial benefit schemes has been introduced, which are benefitting NBFCs: Sitharaman
The foreign reserves in August has gone up compared to 2018-19: Sitharaman
We see a clear signs of revival in the first quarter of FY20: Sitharaman
The inflation rate is kept between 2.5 to 4, says Sitharaman. "The inflation has been well under 4," Sitharaman says.
We have come to announce some measures based on data we have received from across the nation. We are making an attempt to connect to previous announcemnets we have made: Sitharaman
Sitharaman to address the press conference shortly.
This is Sitharaman's third important press conference since the Union Budget 2019.
According to media reports, all Finance Ministry secretaries are expected to join Sitharaman. Some Commerce Ministry officials may also be present.
Finance Minister Nirmala Sitharaman's press conference may start any time now.
The slowdown in the economy has become an importantpolitical issue ahead of assembly elections in Maharashtra, Haryana and Jharkhand.
Sitharaman's press conference comes at a time when the country's economic growth has hit a six-year low of 5 percent for the first quarter of the current fiscal.
Finance ministry officials made a detailed presentation of the measures to be announced to the Prime Minister’s office on September 13, according to media reports.
Finance Minister Nirmala Sitharaman is expected to announce important government decisions during a press conference at National Media Centre in New Delhi today. Sitharaman may announce relief measures to arrest the current economic slowdown. Stay tuned for live updates.
Media reports suggest that the Union Minister is expected to announce sector-specific solutions as well as broad-based relief measures to boost economy. She could make announcements focusing upon boosting the realty and export sectors.
According to Press Information Bureau's (PIB), Sitharaman will address a press conference at 2.30 pm from the National Media Centre in New Delhi.
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