Nirmala Sitharaman Considers Dr Manmohan Singh's Advice to Revive Indian Housing Sector! Here's How

New Delhi, September 14: With Rs 10,000 crore special window to extend funding to incomplete housing projects opened for housing sector on Saturday, reports can be cumulated that Union Finance Minister Nirmala Sitharaman followed Dr Manmohan Singh's advice. Among the five major revival points, Dr Singh had mentioned that the ruling government should not infuse liquidity for capital formation. Nirmala Sitharaman Announces Special Rs 10,000 Crore Window For Incomplete Housing Projects, Eases Norms for External Commercial Borrowing.

In the fourth point -- to revive the economic growth of the country -- Dr Singh had advised that the Narendra Modi government should consider not to infuse liquidity for capital formation. Also, the economist-politician had suggested that the government should reboot key sectors such as textile, automobile, electronics and affordable housing.

Following the measures advised by the former PM, looks like the Finance Ministry considered the opinion and on Saturday announced a slew of measures. These announcements were similar to what Dr Singh has proposed -- for example Rs 10,000 crore contribution by the Union government to boost ailing housing sector, while the same amount would be opened for outside investors through a single window. Nirmala Sitharaman Takes Measures to Pace Up Economic Growth, Says 'Inflation Under Control and Clear Sign of Revival of Industrial Production'.

Apart from this, the government made announcement to include fully electronic refund module for Input Tax Credit under GST, higher insurance cover to banks lending for exports, new scheme for textile exports from January 1, action plan to reduce turn around time at airport and setting up of FTA (Free Trade Agreement) Utilisation Mission. These were all an inclination of what Dr Singh had stated to revive the economic slowdown in the country.

Also, easing up of the trade agreements -- by providing Rs 36,000 crore to Rs 68,000 crore of credit for exports after priority sector lending tag -- Dr Singh's mention to revive the GDP amid US-China trade war is quite visible. Even the higher insurance cover to banks lending working capital for exports was one thing that looks inspired by the esteemed economist's vision. Manmohan Singh Presents 5-Point Remedy to Tackle Economic Slowdown, Wants Modi Govt to Look Beyond 'Headline Management'.

Considering the following measures announced by the Union government to revive the economy of the country, Sitharaman's slew of measures is similar to what Dr Singh has noted. Now, it would be interesting to note how politics gain momentum over the economic issue and falling GDP rate.

(The above story first appeared on LatestLY on Sep 14, 2019 08:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).