FM Nirmala Sitharaman press conference LIVE updates: Revival package expected for housing sector – Moneycontrol.com, Moneycontrol.com

ON Free Trade A greements (FTAs), FM Nirmala Sitharaman announced that the government to set up FTA Utilization Mission headed by a senior officer in Dept of Commerce, to work with FIEO and export houses to utilize concessional tariffs in each FTA.

FM Nirmala Sitharaman:Government working to reduce ‘Time to export ‘by leveraging technology further; Action Plan to reduce turn around time at airports and ports benchmarked to international standards to be implemented by Dec 2019 and Inter-Ministerial group to monitor this.

FM Nirmala Sitharaman:India shall hold an annual me ga shopping festival, like the one held in Dubai. It shall happen by March 2020. It will benefit, tourism, small and medium enterprises and export sector.

FM Nirmala Sitharaman:There is a removal of human interference in tax assessment, which will be completely automated. The assessment unit will be anonymous.

Finance Minister Nirmala Sitharaman:Export Credit Guarantee Corporation will expand the scope of ECIS and offer higher insurance cover to banks lending working capital for exports in a move which is expected to cost Rs 1, 700 crores per annum to the government.

FM Nirmala Sitharaman:Transmission of interest rate cuts is being effected by b anks. I will meet heads of public sector lenders on September 19 to review the transmission.

FM Nirmala Sitharaman:The scheme of Remissi on 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 .

FM Nirmala Sitharaman:Partial credit guarantee scheme for banks benefitted 7 Non-Banking Financial Companies (NBFCs) so far.