Government to provide Rs 10,000 crore funds to boost affordable, mid-income housing

WION Web Team
New Delhi Published: Sep 14, 2019, 04:22 PM(IST)

File photo of Finance Minister Nirmala Sitharaman Photograph:( ANI )

Story highlights

Sitharaman also announced various measures designed to aid India's slowing economy.

The government on Saturday announced Rs 10,000 crore funds to boost affordable and middle income housing. 

The government will make funding available for housing projects that are not in a bankruptcy process or classified as non-performing assets, Nirmala Sitharaman said during a press conference in New Delhi.

Sitharaman also announced various measures designed to aid India's slowing economy.

She said the government would also relax external commercial borrowing guidelines for projects in the country's affordable housing scheme.

Measures to boost exports

The government will relax rules for lending to priority sectors, Sitharaman said, forecasting the move could lead to banks providing up to an extra Rs 50,000 crore of export credit to help revive a slowing economy.

During a press conference in New Delhi, Sitharaman also detailed other steps, including improved insurance cover to banks that lend to exporters and the digitalization of certain services that she said would further bolster exports.

(With inputs from Reuters) 

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