New Delhi: The central government is working on several options to deal with the ongoing lethargy in the country. Finance Minister Nirmala Sitharaman has made many big announcements regarding this on Saturday. Due to the recession, the industries are stagnating. Due to which there is a negative impact on employment. The Finance Minister has focused on two sectors. These sectors are affordable housing sector and export sector. Sitharaman announced the annual shopping festival for handicrafts, yoga, tourism, textiles and leather sectors at four places in the country.
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She announced the revised rules of allocation of loans (PSLs) for the priority areas of loans for the passengers. This will provide additional financial assistance to exporters ranging from Rs 36,000 crore to Rs 68,000 crore. She also spoke of reviewing PSL rules for loans to exporters. The Finance Minister said that guidelines for this are being discussed with the Reserve Bank of India.
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The Finance Minister said that this would provide additional capital of Rs 36,000 crore to Rs 68,000 crore for export credit under priority sectors. According to Sitharaman's proclamations, an inter-ministerial group under the Department of Commerce will actively monitor funding to the export sector. In addition, the Export Credit Guarantee Corporation (ECGC) will expand the scope of the Export Credit Insurance Scheme.
Sitharaman announced the new scheme of Remission of Duties or Taxes on Exports Products (RoDTEP) to eliminate the burden of tax and duty on commercial products shipped to foreign markets for export promotion. The scheme is expected to incur a burden of Rs 50,000 crore on the exchequer. Let me tell you that the government is constantly on the target of opposition due to the slowdown in the country.
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