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Sitharaman
Business & Finance National

Govt announces a boost of Rs 10,000 crores in housing sector

New Delhi | Finance Minister Nirmala Sitharaman on Saturday has announced a series of incentives to boost the slowing economy.

She said that the government will provide a Rs 10,000 crore special window with an aim to help complete ongoing affordable and middle-income housing projects.

“A special window to provide last mile funding for housing projects, which are non-NPA and non-NCLT and are net worth positive in affordable and middle-class housing to be set up,” the finance minister said.

The objective is to focus on unfinished projects with the government of India contributing Rs 10,000 crore while an equal amount will come from outside investors, she said.

The finance minister added that the fund would be professionally run by experts from housing banking sectors.

Sitharaman also announced several measures to boost the remission on taxes.

“The Export Credit Guarantee Corp will expand scope of ECIS and offer higher insurance cover to banks lending working capital for exports in a move which will cost Rs 1700 crore per annum to the government,” said Sitharaman. Export finance will be actively monitored by an inter-ministerial working group in Dept of Commerce, tracked through a dashboard”, she added.

In a bid to boost the industry, the FM also announced an annual mega shopping festival, on the lines of Dubai shopping festival, to boost small and medium scale enterprises.

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