FM’s Announcement to Boost Economic Growth
Mr Murali Malayappan, CMD, Shriram Properties Ltd. on Finance ministry’s recently announced measures to boost economic growth. It would be great if you can include his quote in your stories on this topic.
“The Finance Ministry’s measures to boost economic growth is definitely a breather in these testing times. The infusion of funds for stressed assets is a welcome move as every rupee spent on housing has a direct impact on the GDP. I am certain that this coupled with other measures such as the support extended to NBFCs to ease borrowing from abroad and to encourage credit outflows from banks will serve as a stimulus to help the economy get back on track and aid an additional 1.5 to 2 per cent growth.
It is also encouraging to know that the RBI is considering Priority sector lending tag for export credit as the sector is reeling under the influence of a weakened rupee. The faster release of GST refunds will be an additional impetus. With the measures announced for the automobile sector earlier and now even Housing, we are confident that it will have a domino effect on supporting sectors and increased labour employment.
The proposal to provide relief to SMEs through shopping festivals to boost sales for textiles, Leather, handicrafts, gems and jewellery etc. is a clear signal that the government, in its second-quarter is focused on getting the economy back on track with the PM’s dream of minimum government and maximum governance. We can definitely hope for an 8 per cent GDP in Q4 and a double-digit economic growth by next fiscal if these measures are duly implemented.”
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