Kolkata, Sep 14: Indian Chamber of Commerce on Saturday lauded the Union Government for its well-timed response in bailing out the real estate industry with a Rs 10,000 crore package to complete unfinished housing projects in affordable and middle income category.
According to Mayank Jalan, president, Indian Chamber of Commerce, “This will be a major boost for the sector and will promote employment generation in the short term. There will be a relaxation in External Commercial Borrowings (ECB) guidelines to facilitate the financing of homebuyers eligible under PMAY. '
" The announcement of organizing annual mega shopping festivals is encouraging for the domestic industry. ICC feels apart from the four themes that have announced by the Union Finance Minister, viz, Gem and jewellery sector/ handicrafts, yoga/tourism, textiles and yoga, agriculture exports should be included, as we are one of the largest
producer of agri products in the world, with a sizeable portion of the workforce employed therein, " Mr Jalan noted.
" ICC welcomes the announcement of the RODTEP scheme (Remission on duties and taxes on export products) w.e.f Jan 2020. The scheme which is WTO compliant should encourage and support Exporters. The Fully electronic refund mechanism for GST is another key announcement to speed up the process of monitoring and ITC
refunds " he stated.
" Other initiatives to boost exports such as export finance through expanding the scope of ECIS and offering higher insurance cover to banks’ lending capital for exports, increased support by Government to ECGC, higher credit availability to MSMEs for exports through releasing of an additional INR36,000-68,000 crore will counter the funding struggles faced by small exporters in particular, feels ICC, " he
'' The FTA Utilization Mission announced by the the Finance Minister is a major step in investor facilitation. It would help the Indian MSMEs to gather their global footprint and will also guide them towards competitiveness, " he opined. ICC complimented Finance Minister for proactive response which is truly encouraging for investors, industry, and all other stakeholders he said adding, " We look forward to similar supportive measures for the automobile sector. The biggest takeaway for ICC is that Government is listening and responding positively. " (UNI)