Finance Minister Sitharaman announces measures to boost housing and export sectors  

Addressing a press conference in New Delhi, Finance Minister Nirmala Sitharaman announced measures for housing and export sectors on Saturday

Finance Minister Nirmala Sitharaman said, the scheme of Remission of Duties or Taxes on Export Products (RoDTEP) is a new scheme, it shall completely replace all Merchandise Exports from India Scheme (MEIS) from January 1, 2020.

The announcement comes in the backdrop of India's merchandise exports declining by 6.05 per cent to USD 26.13 billion in August compared to the year-ago month.

The minister also said there will be a fully automated electronic refund route for input tax credits (ITC) in GST. This will be implemented by the month-end.

The move, she added, is aimed at quick and automated refunds of ITC.

She said RoDTEP will replace the existing incentive schemes and "will more than adequately incentivise exporters than the existing schemes put together".

The minister said the revenue foregone towards the scheme is projected at Rs 50,000 crore.

Government announces steps to boost housing, facilitate homebuyers

The government on Saturday announced a ₹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 ₹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 minister added.

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.

ECB guidelines will be relaxed to facilitate financing of homebuyers who are eligible under Pradhan Mantri Awas Yojna, in consultation with the central bank