Government Closely Working With RBI To Address Realty Sector Issues: FM

Mumbai, November 5: There is a good news for the sluggish real estate sector from the finance minister Nirmala Sitharaman as she indicated in Mumbai on Tuesday that the current state of affairs in the sector needs to be addressed and hinted that government is working closely with the banking sector regulator to redress the issues.

While speaking at an event marking the silver jubilee celebration of the National Stock Exchange (NSE), the finance minister said that the government is working with the Reserve Bank of India (RBI) to address issues facing the realty sector. 

Adding, she said that the alternative funds are approaching the government saying that they would like to work with it so long as adequate support mechanism is available for reviving the sector.

On NSE completing 25 years of automated trading, Nirmala Sitharaman complimented the investor outreach efforts of the stock exchange. 

Due to the efforts of the exchange, Indians today are a lot more informed, the finance minister added. “NSE has shown extraordinarily positive inclination and done pioneering work in using technology in democratising financial markets and taking them accessible to the people. This has had tangible benefits,” Nirmala Sitharaman also said.

The government has come out with a slew of measures in the past few months with an aim to revive the slowing economy. The measures range from doing away with additional tax on super-rich to recapitalisation of public sector banks.

NSE was set up by financial institutions led by erstwhile Industrial Bank of India (IDBI) and government owned banks, who injected initial capital into the Exchange. 

It was set up as world’s first demutualised stock exchange in 1993. The NSE grew by leaps and bounds in terms of turnover and trading volume under the able leadership of Ramchandra H (RH) Patil. The situation is such today that it has occupied a monopolistic status in terms of derivatives trading in the Indian stock market.