Audio Bulletin: FM Sitharaman Announces Rs 60,000 Crore Boost To Exports, Housing

 With GDP growth sliding to a six-year low of 5 per cent in the April-June quarter along with several sectors facing a slowdown, Finance Minister Nirmala Sitharaman on Saturday announced a fresh set of measures worth around Rs 60,000 crore to boost exports and the housing sector.

The key measures include extending the scheme of reimbursement of taxes and duties for export promotion, fully automated electronic refund for Input Tax Credits (ITC) in GST, revised priority sector lending norms for exports and expanding the scope of Export Credit Insurance Scheme (ECIS).

An inter-ministerial working group has also been formed to monitor export finance. Accordingly, the scheme for Remission of Duties or Taxes on Export Product (RoDTEP) was announced which will replace Merchandise Exports from India Scheme (MEIS) for textiles.