Government’s Plan to Toss India Out of its Economic Calamity

India is on a cusp of a recession driven by the automobile sector catastrophe. Finance Minister Nirmala Sitharaman announced several measures to fortify the economy. The mercurial behaviour of the Indian economy has arrested attention of many political leaders. The following are our takeaways from her announcements: -

Stress fund of Rs 20,000 crore for real estate: For home buyers, government has set up a stress fund of Rs 20,000 crore for completion of hindered projects. Special window for affordable and middle-income housing to revive discontinued housing projects has also been established. However, the fund will not cover the projects affected by NPA and NCLT issues. This special window will fine tune housing projects which are non-NPA and non-NCLT projects.

Conduction of a gigantic shopping festival: India will conduct a massive shopping festival in the march of 2020.This structure emulates from Dubai. The motive behind this move is to regain consumer confidence and encourage consumer spending. The festival will be conducted across four cities in India with themes on Yoga, Textile, Tourism and Leather.

Inventive for government officials to purchase houses: In an effort to cheer government servants to buy houses, the interest rates on House Building Advance will be reduced and linked with 10-year G-sec yields.

New scheme for exporters: Introduction of Scheme for Remission of Duties or Taxes on Export. Existing scheme in textile of MEIS and old ROSL will continue till December 31.

GST Reform: A Fully automated electronic refund for Input Tax Credit in GST will be implemented by the end of September.

Reduction in time for exports turn around: Tech to be further leveraged by timely completion of ongoing initiatives to further reduce time of exports.

Others: Govt will launch Free Trade Agreement utilisation mission to expand scope of export credit insurance scheme by ECGS.It is also anticipated to present origin management system to improve comfort of doing business for exporters.

Although the state of economy may seem innocuous right now, it can exacerbate to a great degree if not looked into immediately.

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