Special ₹10,000 crore window to extend funding to incomplete housing projects
Finance Minister Nirmala Sitharaman today announced a number of measures to boost the housing and export sector. This includes a ₹10,000 crore special window to extend funding to incomplete housing projects. The announcements come as the Indian economy is grappling with a sharp slowdown. In the most recent quarter, GDP growth slowed to a six-year low of 5%. Many sectors like auto and real estate are grappling with a sharp slowdown in demand. In recent weeks, the government has announced a slew of measures, including front-loading of public expenditure, and improved access to credit for businesses and capital infusion into state-run banks to boost credit.
The government had also eased foreign direct investment (FDI) rules in many sectors to get economic growth back on track.
The Reserve Bank of India has cut projected GDP growth for this fiscal to 6.9%, while most analysts and financial institutions have estimated 6.5-7% growth.
Speaking on the state of the economy, the finance minister said revival signs are being seen in industrial production and fixed investment.
The finance minister said that inflation has been kept under 4%. And several NBFCs are benefiting from partial credit guarantee schemes announced earlier, she said.
Transmission of RBI repo rate cuts is being effected by banks, she said.
