New Delhi, August 27, 2019: On applauding the course corrective steps actioned by the government, Dr. Niranjan Hiranandani National President, NAREDCO reverberates that, “The fiscal stimulus announced by FM was to address deeply seeping in liquidity crisis choking economic growth was its foremost priority. Instant recapitalization of Public sector banks with Rs 70,000 cr announced in the union budget ensures re-opening of the NBFC funding funnel, boosting up the demand for homes along with spurt in fresh loans. Additionally, direct linking up of repo rate directly to home loan rates will aid the home buyers to avail faster and cheaper home loans. This rejigs of spending model by the government is a clear intent to stoke demand and ease bank credit which had hit across the industry acutely.
The curative measures proclaimed by the government demonstrate their responsiveness to execute the action plan in order to kick start India’s cooling down economic growth. FM also highlighted the end of tax terrorism in order to uplift the sentiments of wealth creators in the economy and walk the talk ease of doing business fine print. This economic booster shall go long way to rebuild India Inc.’s confidence index enticing investments back in the capital market and roll on the consumption cycle again.