Hailing the Government's Rs 70,000 crore package for stressed exporters and real estate, India Inc on Saturday said the measures are decisive as well as comprehensive, and will provide a boost to the economy in near-term.
It also said that the announcements are in line with the industry expectations.
Finance Minister Nirmala Sitharaman announced about Rs 70,000 crore package for exports and real estate sectors on Saturday.
The package includes stressed asset fund of Rs 20,000 crore for housing projects, a new scheme for reimbursement of taxes paid on exports worth Rs 50,000 crore and Rs 1,700 crore dole for offering higher insurance cover to exporters.
"The Finance Minister's announcements are comprehensive and would give a boost to the economy in the near term. She has addressed issues in the two critical sectors that are facing distress — exports and housing — and the announcement are in line with industry recommendations," said CII Director General Chandrajit Banerjee in a statement.
In housing, relaxation of ECB guidelines and a fund for last mile funding for completion of housing projects are in line with industry demands, the statement noted.
"Urgent measures were needed to support exports, which have been declining in the current year. The new scheme to compensate exporters for all duties is going to help considerably. Additional measures such as provision of higher insurance cover, monitoring of export finance and turnaround times at ports and airports will go a long way in improving competitiveness of Indian exporters," Banerjee said.