Finance Minister Nirmala Sitharaman on Friday held a press conference conference at the National Media Centre, in New Delhi. Speaking during the event, Chief Economic Advisor Krishnamurthy Subramanian announced several measures to support consumption.
"Evidence of measures to boost investment is actually seen in the record FDI inflows - US$ 35 billion in the first half of 2019-20 as against US$ 31 billion during the same period last year. It's a good sign of foreigners seeing India as a very important destination," he was reported as saying by ANI.
"66% of budgeted capex of Rs 3.38 lakh crore has already been undertaken," the CEA said on steps taken to boost the economy.
"More than 8 lakh repo-linked loans amounting to Rs 70,000 crore has been sanctioned till Nov 27," he said.
He said that aid would be extended to NBFCs and HFCs to support retail lending. The total sanctioned support is Rs. 4, 47 lakh crores. This includes Rs 1.29 lakh crores for pool-buy-outs of assets.
He also announced a partial credit guarantee scheme for NBFCs and HFCs. Under this, he announced that there would be Cabinet approval for SMA-0 borrowers; asset pools rated BBB+ or better.Within two days, he said, 17 proposals amounting to Rs.7,657 crores has been approved. He also added that proposals amounting to Rs. 20,000 crores would be approved over next two weeks.
Government and PSU dues, he said would be cleared in two stages, up to Rs. 61,000 Crores previously.
The dues of 32 Central public sector enterprises (CPSEs), both Navratnas and Maharatnas, has been cleared by more than 60% in last two months, he said.
He also said that 21 out of 32 CPSEs have set up "Online Bill Tracking" systems to reduce pendency in bill payment and reduce Accounts Payable of CPSEs permanently. Rs. 4877 crores, he said, is currently due.
The CEA said that the "unorganised sector has fallen from 83% to 81% from FY12 to FY18," reports CNBC-TV18.
The continued liberalisation has resulted in record FDI inflows of $35 billion in H1 2019: CEA @SubramanianKri— PIB India (@PIB_India) December 13, 2019
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CEA @SubramanianKri details measures taken so far to bolster consumption.— PIB India (@PIB_India) December 13, 2019
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