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Promoting export, housing sector are among fresh measures to boost economy

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7 years ago

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Union finance minister Nirmala Sitharaman today – Saturday, Sep 14 – announced a slew of measures to boost the economy, focusing mainly around steps to promote exports and the housing sector.

Informing the media about the third part of the stimulus package for the economy, the finance minister said that the industrial production and fixed investment have shown signs of revival. Sitharaman also said that CPI or retail inflation has been kept under 4 per cent, adding that several NBFCs are benefiting from partial credit guarantee schemes announced earlier.

Exports

For incentivising exports, finance minister Sitharaman announced a new scheme — Remission of Duties or Taxes on Export Product (RoDTEP) – estimated to cost Rs 50,000 crore to the exchequer.

She said RoDTEP will replace the existing incentive schemes and “will more than adequately incentivise exporters than the existing schemes put together”. The minister said the revenue foregone towards the scheme is projected at Rs 50,000 crore.

The announcement comes in the backdrop of India’s merchandise exports declining by 6.05 per cent to $26.13 billion in August compared to the year-ago month.

The minister also said there will be a fully automated electronic refund route for input tax credits (ITC) in GST. This will be implemented by the month-end. The move, she added, is aimed at quick and automated refunds of ITC.

She also announced other steps including simplification of GST rules to higher insurance cover to banks lending for exports. Announcing easier rules for lending to priority sectors, Nirmala Sitharaman said the measures could lead to export credit rising by Rs. 36000 crore to Rs. 68,000 crore.

“The measures have been periodically formulated based on the inputs that we obtained during nationwide consultations that we are doing,” said the Finance Minister. The steps to promote exports come at a time the government intends to more than triple the country’s annual exports to $1 trillion in the next five years.

“Each time we are making a clear attempt to also connect with the previous announcements,” the Finance Minister said, as she explained the measures through a presentation. The government had earlier announced steps such as a withdrawal of higher taxes on foreign investors – as announced in the Budget – and a mega merger plan for 10 state-run banks in a bid to push investments and growth.

The premium incidence for the Ministry of Micro, Small and Medium Enterprises (MSMEs) will be moderated suitably, she said.

Sectors such as textiles which enjoy incentives up to 2 per cent under the Merchandise Exports from India Scheme will transit into the RoDTEP scheme from January 1, the Finance Minister said.

Sitharaman said India would launch four mega shopping festivals like the ones organised in Dubai. These shopping festivals would be held at four locations across the country.

These festivals would be held on specific themes such as gems and jewellery, yoga, tourism and textiles and leather. The first of these festivals would be held in March 2020.

The Gulf emirate organises several events such as the Dubai Food Festival and the month-long Dubai Shopping Festival. The shopping festival has been on for a little more than two decades and had been originally launched to increase Dubai’s retail trade. It was later promoted as a tourist attraction.

Official data this week showed the country’s exports dropped 6.05 per cent to $26.13 billion last month. Still, India’s trade deficit narrowed to $13.45 billion in August from $17.92 billion in the corresponding period a year ago thanks to a 13.45 per cent fall in imports to $39.58 billion.

On Thursday, Commerce Minister Piyush Goyal had said that the ongoing trade disputes between the US and China offer a window of opportunity for domestic manufacturers to make a mark in export markets.

Housing

For housing sector, the finance minister announced a Rs. 10,000-crore special window to provide last-mile funding for completion of ongoing housing projects which are not NPAs or facing bankruptcy proceedings under NCLT. Sitharaman said while the government will contribute Rs 10,000 crore for the special window, roughly the same amount is expected from outside investors.

This window will help in completion of affordable and middle income housing projects. The fund will be managed by professionals, the minister said.

“The objective is to focus on construction of unfinished units,” she said. “This will benefit roughly 3.5 lakh projects across the country,” the finance minister added.

 

Sitharaman also said the interest rate on housing building advance will be lowered and linked to the 10-year G-sec yields.

The government of India on the lines of the National Investment and Infrastructure Fund may contribute to the Rs 10,000 crore fund for the special window. Rest of the funds will be from LIC and other institutions and private capital from banks/sovereign funds etc.

Among other announcements, Sitharaman also relaxed guidelines of External Commercial Borrowings to facilitate financing of home buyers. This will be done in consultation with the Reserve Bank of India which will help identify eligible beneficiaries under the Pradhan Mantri Awas Yojna (PMAY).

In addition, the interest rate on House Building Advance shall also be lowered and linked with the 10 year G Sec Yields.

“Government servants contribute to a major component of demand for houses. This will encourage more government servants to buy new houses,” the finance minister said.

The economic growth hit a six-year low of 5 per cent for the first quarter of the current fiscal.

Over the past weeks, the government has announced a slew of economic measures including the mega bank mergers, withdrawal of higher surcharge on foreign portfolio investments (FPIs) and domestic investors, sops for infrastructure, revival package for the auto industry and relief for startups.

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Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

Published

4 weeks ago

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July 7, 2026

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XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

Published

1 month ago

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June 29, 2026

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Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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India News

Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

Published

6 months ago

on

February 1, 2026

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Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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