New Delhi: Finance minister Nirmala Sitharaman on Tuesday said the government is working with the Reserve Bank of India to tweak the current norms in order to aid those affected in the realty sector. While speaking at an NSE event, Sitharaman, as quoted by news agency PTI, said, “The government is very keen and is working very clearly together with the RBI to see how best we can, where necessary, tweak the existing norms to help the people who are affected in the realty sector.”
Earlier, the finance minister had announced some booster measures. Admitting that the realty sector was left out of the booster measures, the finance minister noted that the sector has a spillover effect on many sectors including the core sector.
Notably, after the July budget infuriated the business sentiments in the market, the government had to roll back many tax measures. Besides, corporate tax was drastically cut to 22 per cent, which amounted to a tax giveaway of Rs 1.3 lakh crore.
Sitharaman assured that the government has been constantly intervening to revive the market and business sentiments in the realty sector since August. Speaking about the real estate sector, Sitharaman, as quoted by news agency ANI said, “One particular sector which I have not touched, but which has a lot of positive impacts and also can affect an impact for the stock market, is the real estate sector.”
She added that although there are sufficient funds ready to be invested in the realty sector, more policy support is required. “There are many alternative funds which are now approaching us saying we would like to do something with you all so long as there is some supporting mechanism available for reviving the realty sector,” Sitharaman was quoted by news agency PTI as saying.