India announces measures to boost exports as economy loses steam
NEW DELHI - India on Saturday 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.
“The objective is to focus on construction of unfinished units,” Sitharaman told reporters in New Delhi.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. A crisis at one of India’s biggest non-bank finance companies in September, at a time when the Indian banking system was jostling with $10 billion stressed loans, pushed India into a lending crisis, hurting investment and consumer spending.
The government also plans to bring the time to export, or the turnaround time for shipments to be loaded onto a vessel and depart from airports and ports of India to best international standards by the end of the year.
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