India to Organize Dubai-like Annual Mega Shopping Festival by 2020 to revive Export Slowdown

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Union Finance Minister Nirmala Sitharaman on Saturday announced a slew of measures to boost exports, including hike in interest equalisation scheme, automated GST tax credit refunds for exporters, remission of taxes on export products to replace MEIS, among others.

India will soon start organizing annual mega shopping festivals that will facilitate exchange between global producers and consumers, said Finance Minister Nirmala Sitharaman while addressing a press conference in New Delhi on Saturday. Speaking about the plan, Nirmala Sitharaman said on Saturday that these “mega shopping festivals” will be held at four destinations across the country.

Finance Minister Nirmala Sitharaman on Saturday said that the Indian economy is fit as a fiddle and there are clear indications of recovery with hearty FDI inflows and high forex reserves.

”Swelling is leveled out and there is a reasonable indication of recovery of modern generation,” the FM said. She said that a progression of measures have been taken to give help to the economy. The FM said that swelling has been reliably held underneath 4%, which demonstrates the wellbeing of the economy.

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Foreign Direct Investment (FDI) inflows are powerful starting at now and there is an indication of recovery. Forex saves (Foreign trade saves) have gone up especially in August end, the FM said.

Moving her concentration to the financial division, the FM Sitharaman said that on September 19, she will meet head of open area banks to address the issues looked by the part.

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”NBFCs are getting advantages of the fractional credit assurance plan reported before,” Sitharaman said. Incomplete credit certification plan has just been actualized, she included.

”The govt will offer higher protection spread to banks loaning working capital for fares in a move which will cost Rs 1700 crores for each annum to the administration, she educated.

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In a bid to give fillip to tourism, small and medium enterprises and export sector, the FM announced that “India shall hold an annual mega shopping festival, like the one held in Dubai”. It shall happen by March 2020 and themes will vary from textile, handicraft, yoga, and others, she added.a

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