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Export promotion plan announced

September 15, 2019

In a bid to promote exports, the government has come up with an action plan. Finance Minister Nirmala Sitharaman announced a list of measures that will be put to use to increase exports and improve economy in the long run.

Sitharaman announced that one of the key steps will be the organisation of 'Mega Shopping Festivals' in four places across the country in March 2020.

These festivals will be held on an annual basis. The festival will aim to woo shoppers and will be similar to the Dubai Shopping Festival.

The main theme of these shopping festivals will be gems and jewellery, handicraft/yoga/tourism, textiles and leather.

"The measures have been periodically formulated based on the inputs that we obtained during nationwide consultations that we are doing," said FM Sitharaman

The government is aiming to increase the annual exports of the country to $1 trillion in the next five years. The announcement also includes the provision of a ₹50,000 crore export incentive scheme and a ₹10,000 crore special benefit to provide last mile funding for unfinished housing projects that will benefit around 3.5 lakh people.

Finance Minister Nirmala Sitharaman also announced other schemes for the housing sector.

The scheme will benefit central and state government employees for constructing a new house on a plot owned by the employee or jointly with the spouse or buying a new house or flat. The scheme offers cheaper house-building advance to the employees.

Speaking about the measures, Congress spokesperson Anand Sharma said, "The steps announced today will not revive the Indian economy, they are purely cosmetic, piecemeal and also convey the arrogance of the government and its indifference to the seriousness of the situation."

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