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India's Sets Up Fund to Complete Stalled Housing Projects - Ms Sitharaman

Infra News - Published on Tue, 17 Sep 2019

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India’s Finance Minister Ms Nirmala Sitharaman said that India announced a series of measures to revive the housing sector and boost exports as the government tries to kick-start an economy hit by a lending crisis and a slowdown in demand. A fund worth USD 1.41 billion will be available to complete unfinished affordable and middle-income housing projects. An equal amount of funding will come from the private sector or from a government insurance company. The objective is to focus on the construction of unfinished units. The government will make offshore borrowing easier for affordable housing schemes.

This was the third time in two months that India’s finance minister announced a raft of fiscal measures to boost demand at a time when economic growth has dropped to a six-year low.

However, some housing industry consultants said the fund, which excludes projects that are deemed non-performing assets or in bankruptcy proceedings, was too narrow in its scope.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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